NTTVC, an independent venture capital firm set up by former Norwest Venture Partners executive Vab Goel in collaboration with Japanese technology firm NTT, has announced the creation of a $500 million fund.
The Palo Alto, California based firm invests across all stages and sectors, with an emphasis on the future of enterprise, digital health and artificial intelligence, machine learning and data-based innovations, according to a statement.
NTTVC said it has already backed five startups such as mobile networks firm Celona, electronic stethoscope provider Eko, biotech startup nference, DevOps company Shoreline and non-invasive biometrics platform UDP Labs.
Goel joined NTT when it acquired Virtela, an overlay network company he founded, for $520 million. Previously, Goel led Silicon Valley VC firm Norwest Venture Partners for 19 years.
“We are still in the early innings of a digital transformation that is affecting every industry and creating unprecedented opportunities for startups. We are passionate about teaming up with entrepreneurs through every phase of their journey to build impactful companies,” Goel said.
NTT is a $109 billion global technology service provider serving 75 million mobile subscribers, three million businesses and 120,000 enterprise customers with a local presence in over 80 countries. As part of the partnership with Goel for a returns-driven venture capital fund, NTTVC portfolio companies have the opportunity to sell to through and with NTT to help scale their businesses, the statement added.
“Our mission is to use technology for good to solve social challenges for people, clients and communities. We have always believed that the startup ecosystem is essential to delivering on that promise, which is why we chose to partner with NTTVC to fuel the next generation of world-changing technologies,” Jun Sawada, president and CEO of NTT Corporation said.
In September, NTT set up its third high density and hyperscale data centre in Mumbai and announced that it will invest around $2 billion to expand its network of data centers, networks and solar projects in India.