US-based memory and data storage technology provider Micron Technology has formed a corporate venture capital fund called Micron Ventures which will be supplied with up to $100m in capital.
Micron Ventures was founded in 2006 but has been largely inactive in recent years, though its past investments include Anobit, the memory storage technology developer acquired by computing technology producer Apple for $500m in 2012.
The extra cash has been provided to fund investments in artificial intelligence and machine learning technology developers, and Micron said 20% will be earmarked for portfolio companies led by females and members of underrepresented groups.
Micron’s extra funding for the unit as announced at a company event called Micron Insight 2018, alongside a $1m commitment for grants to fund AI research at universities and non-profit organisations.
Sumit Sadana, chief business officer of Micron, said: “Micron Ventures is focused on accelerating innovation in AI and machine learning in order to unlock the vast potential of these promising technologies to enrich human life.
“Our investments, coupled with our industry-leading portfolio of memory and storage products, technologies and capabilities, will enable these startups to realise the full potential of their innovations.”
