Trimble launches $200M venture fund to invest in early and growth-stage innovative companies
Nasdaq-listed tech firm Trimble on Thursday announced the formation of Trimble Ventures that will set up a $200 million (about Rs 1,482.3 crore) venture fund to invest in early and growth-stage innovative companies.
Trimble Ventures will invest in early and growth-stage innovative companies that align with its mission of transforming work in the agriculture, construction, geospatial and transportation industries, a statement said.
"The fund will launch with $200 million allocated for investments and focus on companies with the potential for technology-enabled innovation and disruption in the digital transformation of the industries Trimble serves," it added.
In addition, Trimble Ventures will bring unique value to partner companies by offering hands-on expertise and insights, industry experience, and access to customers, markets, and distribution, it added.
The venture fund will deploy strategic capital to accelerate the growth of innovative companies and partners that complement Trimble's products, technology platforms, and support its customer's work, it said.
It will invest in companies with technologies and solutions related to hardware and software applications; artificial intelligence; augmented, virtual, and mixed reality; autonomy and robotics; blockchain; the Internet of Things (IoT) and analytics; and sustainability.
"We are focused on partnering with companies that are solving important problems in the markets that align with our vision of transforming the way the world works. Innovation is a cornerstone for Trimble," President and CEO Rob Painter said.
By providing capital, industry expertise and broader access to markets for early and growth-stage companies, Trimble can help them scale more rapidly, he added.
"In addition, our partners can help extend Trimble''s platforms to better serve our collective customers. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to our customers and industry," Painter said.