US-headquartered analytics automation software producer Alteryx has put aside $50m for a corporate venture capital vehicle dubbed Alteryx Ventures.
Alteryx provides software which enables organisations to automate artificial intelligence and machine learning activities. It floated in a $126m initial public offering in 2017 and has not disclosed any investments, either directly or through the newly formed fund.
The unit will provide funding for companies developing business-to-business products capable of expanding the company’s analytics process automation (APA) platform, particularly in areas such as marketing analytics, tax and auditing, personal finance, supply chain management and healthcare software.
Mark Anderson, Alteryx’s chief executive, said: “I am thrilled to announce Alteryx Ventures, our first strategic venture fund as a company.
“Our goal is to foster and accelerate innovation by investing in companies creating unique technology that advance all aspects of analytics and data science automation and help make it easy for everyone to access and democratise data.
“We believe Alteryx Ventures will help bring value to our customers and expose them to new possibilities with the Alteryx platform.”
