Micron Ventures, the corporate venture capital arm of Micron Technology, on Thursday announced to invest $200 million in deep tech startups.
San Francisco, June 2 : Micron Ventures, the corporate venture capital arm of Micron Technology, on Thursday announced to invest $200 million in deep tech startups.
The latest investment builds on success of Micron Ventures Fund I and brings total assets under management to $300 million.
Since its inception, Micron Ventures has made investments in 25 startups, yielding strong financial returns and multiple unicorn companies within the portfolio, it said in a statement.
“The future will be built on diverse ideas that aim to address the world’s most urgent problems – funding the deep tech startup community will propel innovation forward and help open doors to new business opportunities for Micron,” said Rene Hartner, vice president of corporate development at Micron.
Micron said that 20 per cent of invested capital in the new Fund II will be aimed at startups led by women and other underrepresented groups.
“Micron has provided direct support in executing Multiscale’s vision to optimize the materials discovery and manufacturing processes,” said Vasu Kalidindi, co-founder and chief executive officer of Multiscale.
“Collaboration with Micron enabled us to create an advanced platform for materials innovation,” Kalidindi added.
Early-stage equity investments are a key component to Micron’s innovation strategy.
Nearly 25 per cent of the invested capital in Fund I went to startups led by underrepresented groups, surpassing its initial 20 per cent target, the company informed.