Chevron Technology Ventures (CTV), US-based oil, gas and fuel provider Chevron’s corporate venturing unit, has launched a $90m fund called Fund VII.
Founded in 1999, CTV backs companies developing technologies that could be applicable to its parent business, in addition to making strategic commitments to selected venture capital funds, and has made in excess of 90 investments.
Fund VII will invest in early and mid-stage, high-growth companies developing innovative oil and gas technologies, and will continue to participate in external funds as a limited partner.
Barbara Burger, president of Chevron Technology Ventures, said: “CTV serves as an excellent source within Chevron for new business models and novel technologies that can deliver value to the enterprise through their integration.
“We are using venture capital as a conduit for early access to innovation and to build a pipeline of innovation for Chevron.”
The unit’s exits include genomics technology producer Illumina, which has a market cap currently above $45bn, online security software developer IronPort Systems, which was acquired by Cisco for $830m in 2007, and Soladigm, the dynamic glass maker now known as View.
