InnoCells, the digital innovation subsidiary of banking group Banco Sabadell, has committed $10m to the inaugural fund of Base10, a US-based venture capital firm focused on automation technologies, FinExtra has reported.
Base10 was founded in January 2017 and had collected $137m for its first fund as of September this year to invest in seed and series A rounds through contributions sized between $500,000 and $5m.
The firm favours emerging artificial intelligence-powered technologies with the potential to secure mass market adoption.
Banco Sabadell considers its involvement an opportunity to engage with the Silicon Valley ecosystem to drive its pursuit of fintech-orientated artificial intelligence applications.
InnoCells’ operation focuses on starting and fostering new businesses, making strategic investments and cultivating partnerships with both startups and corporates.
Companies in Base10’s portfolio at present include direct loans and mortgage software provider Ethos Lending and employee performance management product developer Reflektive.
The firm also backed a $32m series C round for on-demand recruitment service Wonolo earlier this month that featured healthcare staffing firm AMN Healthcare.
Base10 was co-founded by Adeyemi Ajao, former head of Workday Ventures, the corporate venturing arm of enterprise software publisher Workday, together with Thomas Nahigian, previously an investor at Coatue Management, Accel Partners and Summit Partners.