PTV International Ventures Americas (Piva), the US-based corporate venture capital subsidiary of Malaysia-headquartered petroleum supplier Petronas, has hired Bennett Cohen as a partner.
Cohen had previously been a principal at Shell Ventures, the strategic investment subsidiary of oil and gas provider Shell. He joined the unit in 2015 and his areas of investment included blockchain, advanced cleantech and mobility technology.
Piva’s $250m fund targets early-stage, North America and Europe-based developers of artificial intelligence, machine learning, applied robotics, speciality chemicals, advanced materials and clean technologies centred on the industrial and energy sectors.
Ricardo Angel oversees Piva as chief executive and managing partner, having set up the unit in January this year on behalf of Petronas.
Angel had been a managing director at GE Ventures, the corporate venturing arm of industrial technology conglomerate General Electric, since 2013, before his departure earlier this year.
The Piva team also includes Adzmel Adznan, the former head of Piva’s predecessor, Petronas Technology Venture Capital, who joined in May as partner and operating manager.
The moves come after the departures of several senior members of the GE Ventures team, including Sue Siegel, Alex Tepper, Jessica Zeaske and Lisa Suennen, as well as that of Steve McGrath from Shell Ventures.
