Next47, the corporate venturing fund formed by industrial conglomerate Siemens, formed partnerships on Friday with two US-based initiatives run by accelerator Techstars, Techstars Mobility and Techstars IoT.
Techstars operates a range of accelerators across the world through which it partners corporates to support the development and scaling of startups.
Enterprise software developer SAP, conglomerate General Electric, telecommunications company Verizon and professional services firm PricewaterhouseCoopers are already partners in New York-based Techstars IoT, which focuses on the internet-of-things sector.
Techstars Mobility, a transportation-focused scheme that is based in Detroit, is also backed by Verizon as well as carmakers Ford and Honda, automotive parts producer Dana, reinsurance provider Munich Re, tyre manufacturer Michelin and public-private partnership Detroit Technology Exchange.
Next47 was announced in June 2016 and launched in October. The unit supports both internal and external startups and has $1.1bn under management, which is expected to be committed over the next five years.
Lak Ananth, managing partner of Next47, said: “Collaborating with Techstars is an important and exciting step for Next47 and Siemens. We are excited to provide Siemens employees access to the proven Techstars platform globally.”