Former executives from Xerox Ventures have joined forces to establish Myriad Venture Partners, marking the launch of their inaugural fund. Chris Fisher, Tim Chiang, and Dean Mai, who previously collaborated at Xerox Corp.’s corporate venture capital arm, aim to support early-stage startups operating in artificial intelligence, clean technology, and B2B software sectors.
With a wealth of experience accumulated during their tenures at Xerox Ventures, Fisher, Chiang, and Mai bring diverse skill sets to the table. Fisher, formerly the senior vice president and chief strategy officer of Xerox, along with being the founder and managing partner of Xerox Ventures, shared insights into Myriad’s genesis.
“Our varied career paths, coupled with the synergistic ecosystem of Myriad, inspired our name,” Fisher remarked. “We possess complementary expertise spanning operations, strategy, and venture investment, positioning us well to navigate diverse sectors.”
Securing an initial $100 million in capital commitments for their debut fund, Myriad Venture Partners targets a total fund size of $200 million. The fund’s portfolio currently includes 14 companies, encompassing a spectrum of industries such as metal additive manufacturing, legal technology, cybersecurity, and renewable energy.
Fisher disclosed plans to expand Myriad’s investment portfolio to encompass 25 to 35 companies upon fund closure. Despite prevailing challenges in the venture market, including fluctuating interest rates and subdued company valuations, Fisher remains optimistic about the opportunities presented by innovation.
He highlighted the significance of innovation for established enterprises facing disruption from agile startups. Clean technology, in particular, continues to attract attention, alongside the accelerated adoption of software technology over the past decade.
Observing a growing trend of mergers and acquisitions, research and development initiatives, and increased investment in AI software, Fisher emphasized the imperative for companies to enhance operational efficiency and customer experiences.
Myriad’s strategic positioning is further reinforced by its advisory council, featuring corporate partners such as Xerox and HCLTech. This collaboration facilitates access to valuable deal flow and fosters the development of novel business models and go-to-market strategies.
Xerox, serving as the anchor investor of Myriad’s debut fund, underscores its confidence in the venture’s potential for success. Louie Pastor, Xerox’s chief transformation and administrative officer, expressed enthusiasm about Myriad’s prospects and its ability to scale independently.
“As an internal firm, Xerox Ventures faced limitations in scalability,” Pastor remarked. “With Myriad operating independently, the potential for growth is boundless. We eagerly anticipate Myriad’s journey and its implications for Xerox as both an LP and a member of the advisory council.”
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