Chevron Technology Ventures, the venture capital investment arm of Chevron, has launched CTV Fund V, a $90m venture capital fund to invest in early- to mid-stage companies and in limited partnership funds. The companies should be developing emerging technologies that have the potential to improve Chevron’s oil and gas base business performance or create opportunities for growth.
Barbara Burger, CTV President, said: “We provide an excellent source of innovative technologies that can deliver value to Chevron’s business units when applied. We are using venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron.”
CTV, which was formed in June 1999, states that it screens more than 400 opportunities per year, selecting one to three companies in which to invest; the company has a current portfolio of 37 companies.