Early-stage startups working on artificial intelligence, clean technology and B2B software now have one other chunk of capital to go after.

After working together at Xerox Corp.’s corporate enterprise capital firm Xerox Ventures, Chris Fisher, Tim Chiang and Dean Mai form Myriad Enterprise Partners.

They secured $100 million in capital commitments for his or her first fund, which targets $200 million in total, Fisher told TechCrunch. Fisher is the previous senior vp and chief strategy officer of Xerox and former founder and managing partner of Xerox Ventures, a firm began in 2021.

“We’ve had eclectic careers, which is partially probably where our name got here from, in addition to from Myriad’s synergistic ecosystem,” Fisher said. “The three of us have complementary skills across quite a lot of different areas between operations strategy and enterprise investment, amongst others.”

Myriad’s Fund I currently backs 14 corporations, including metal additive manufacturing company Seurat Technologies, LinkSquares, Anvilogic and Mojave. Fisher expects to take a position in 25 to 35 corporations once the fund closes.

At a time when the enterprise market faces significant challenges, including higher rates of interest and depressed company valuations, Fisher believes mature businesses will either have to innovate or get disrupted by more modern startups. Clean tech continues to be a hot area. And prior to now decade, the transition to software technology accelerated. This implies anyone wanting to remain at the highest of the stack need to proceed to speed up, he said.

That is something he’s already seeing occur at corporations through M&A, R&D, expansion and spending across AI software, including ChatGPT.

“There’s quite a lot of crossover because these organizations have to work higher for themselves, including their employees’ and customers’ experiences,” Fisher said. “All of them want more efficient and value effective interaction services, lower cost and value to equity. Once we take into consideration corporations’ transformational journeys and the present enterprise market downturn, we’re well positioned to take part in this evolution.”

Myriad also leverages an advisory council that features corporate partners Xerox and HCLTech. The council can have access to deal flow and fosters the event of recent business models and go-to-market strategies.

Meanwhile, Xerox can also be the anchor investor of the brand new fund.

“We see an actual opportunity for Myriad to succeed,” said Louie Pastor, Xerox’s chief transformation and administrative officer, in an interview. “With Xerox Ventures as an internal firm, the flexibility to scale wasn’t there. Now with an independently run firm, the flexibility to scale is limitless. We’re very enthusiastic about what Myriad can do because it scales and brings on other partners, and in addition what meaning for Xerox as an LP and member of the advisory council.”