Business-software maker Workday, Inc. announced it has set up a $250 million (Rs 1,606 crore) venture fund to invest in early-stage and growth-stage startups working in the fields of artificial intelligence, machine learning, blockchain, augmented reality and virtual reality, in order to come out with enterprise solutions.
The announcement of the fund called Workday Ventures, to be run by company executives Leighanne Levensaler and Mark Peek, comes seven months after the company made clear its intent to open Workday Cloud Platform to “customers and a broader ecosystem of partners, independent software vendors, and developers”. Workday Ventures, according to the company, builds on this effort.
In addition to funding, companies in the Workday Ventures portfolio will gain access to the firm’s experience, market know-how, global reach, as well as product executives and leadership.
Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for large companies, educational institutions, and government agencies. Organisations ranging from medium-sized businesses to Fortune 50 enterprises count among the company’s clients.