Chevron Technology Ventures LLC (CTV) today launched Fund VII, a new $90 million fund established to sustain Chevron’s (NYSE: CVX) continued venture capital investment across the energy industry. Investments from this newest fund are expected to target early- to mid-stage companies as well as limited partnership funds. Further, Fund VII investments will focus on high-tech, high-growth startups and breakthrough technologies that have the potential to improve Chevron’s core oil and gas business performance as well as create new opportunities for growth now and in the future.
“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,” said CTV President Barbara Burger. “We are using venture capital as a conduit for early access to innovation and to build a pipeline of innovation for Chevron.”
This month also marks the 20th anniversary of CTV’s founding. The longest-running continuously operating corporate venture capital group in the oil and gas sector, CTV has made over 90 investments over the last two decades. Strategic investments prior to Fund VII have supported a wide range of venture capital funds and companies with applications that span the industry. CTV is involved in all aspects of portfolio management including the demonstration and integration of new external technology. Proven partner technologies are deployed and used across Chevron’s operating companies and business units, contributing to earnings for the enterprise.