Chevron creates venture capital unit to invest in emerging technologies

Petroleum News Alaska Staff

Chevron announced in July that it has created a new subsidiary, Chevron Technology Ventures LLC.

Over the next 5 years, the new subsidiary will invest in a portfolio of technology start-up companies whose innovations could significantly benefit Chevron’s existing businesses and lead to new growth opportunities in information technology, biotechnology and materials science.

With this new unit, Chevron becomes the only petroleum company with a venture capital group established to make equity investments early in new technologies.

Chevron Technology Ventures has already made initial investments with ARCH Venture Partners, which has a successful 12-year record of investing in seed and early-stage technology companies, and with Ampersand Ventures, which has a record of top-tier investment performance in specialty materials businesses.