Italy-based energy utility A2A launched a €70m ($78m) corporate venture capital fund called A2A Horizon yesterday.
The is also backed by Poli360, the university venture fund of Polytechnic University of Milan, and 360 Capital Partners, the venture capital firm that manages Poli360.
A2A Horizon will invest in startups with strategic value to the business of its corporate parent, in areas such as the circular and sharing economy, artificial intelligence, blockchain-based grid control and remote plant management systems, home automation and smart micro-mobility services.
The unit is the culmination of an innovation strategy dubbed Innova2a that was launched by A2A in 2017. Innova2a consists of a team of approximately 20 staff, who seek out innovative ideas across the group and help them grow through proof-of-concepts and pitches.
To date, Innova2a has looked at hundreds of ideas, moved forward more than 60 and implemented 15 projects.
Poli360 was created in September 2018 to invest $70m in the university’s spinouts and members of its PoliHub incubator. It is the first dedicated university venture fund in Italy.
A version of this article first appeared on our sister site, Global University Venturing.
