February 2024 – Page 4

Corporate-backed startup Runway launches $10m AI fund

AI video generator Runway is backed by corporations including Alphabet, Nvidia and Salesforce Ventures.

Solar energy and grid storage saw some of the biggest funding rounds as falling prices put these clean energy options into the mainstream.

Steve Smith

The UK utility’s CVC unit will be led by Stephen Smith, who is joined by GCV Powerlist member Pradeep Tagare, among others.

Gil Perez

Deutsche Bank Venture Capital’s former CVC head, Gil Perez, will join law firm Freshfields in April as its California-based chief innovation officer.

Nio Capital managing partner Yan ‘Ian’ Zhu (pictured centre). Image courtesy of Nio Capital.

The VC firm co-founded by Chinese EV maker Nio will continue to invest in automotive and energy technology companies locally through its new fund.

Michael Martin

GCV Powerlist member Michael Martin will reprise his president and CEO roles at Plexium, after more than a decade at Takeda Pharmaceuticals.

Smaller corporate venture funds — those with less than $50m — can use their slim size as an advantage if they plan well and have a laser-like focus.

Photo by sagesolar on PxHere

UK corporates invest in the domestic innovation ecosystem less than US, French and German peers. The government is trying to change that.

The Hico-Bow Joint Fund is backed by unnamed LPs and will invest in early-stage startups focusing on AI, healthcare and machine learning innovations.

Gareth Burns, vice president of bp ventures

BP has significantly increased its capital allocation to its venture unit. Some 90% will go to energy transition, says head of unit Gareth Burns.

The Giant Ventures team

BMW was among the investors that backed the UK venture firm, which will be divided into a $100m seed fund and a $150m growth fund.

The Future Energy Ventures team. Image courtesy of Future Energy Ventures.

The VC fund backed by E.ON has reached a $120m first close and promoted Patrick Elftmann to US managing partner.

Andrew Brackin and Siri Srinivas

Serial entrepreneur Andrew Brackin and seasoned VC Siri Srinivas have joined Alphabet’s early-stage AI fund as partners.

Hybrid propulsion systems manufacturer Allison Transmission has hired Justin LaRocca as the director of its new venture arm.