US firm Dell launches $300M venture fund to back enterprise startups
Dell World announced a new $300-million venture fund at Dell's conference. The company's venture wing will be supported solely by Dell Corporate, according to VentureBeat.
The tech giant's venture arm is looking to fund startups in the enterprise technology, cloud computing, security and mobility, big data, and next generation data center arena. Dell is one of the largest manufacturers of personal computers (PCs) in the world, but the firm's hardware business has been wounded in the post-PC era, the report said.
The Texas-based firm will provide millions of dollars' worth of free software to its portfolio companies. According to a Dell spokesperson, the portfolio companies will have access to Dell's resources, technical expertise, and business counsel, the report explained.
Dell currently has a $60-million fund reserved for enterprise storage, which was announced last year by chief executive Michael Dell. Since then, that fund has backed startups in Silicon Valley, Boston, and Israel, VentureBeat reported.
Dell's Chief Financial Officer Brian Gladden said in a statement: "Dell is committed to bringing the most innovative, affordable and easy to manage technology solutions to our customers. To accomplish this, we will aggressively pursue organic investment in research & development, acquisitions and venture investing."