HP Unit to Invest in IoT, Immersive Computing, 3D Printing Startups
HP Inc. is formalizing its investment efforts around early stage companies that are working on products in a broad range of areas, including artificial intelligence, immersive computing and the Internet of things.
The company—the offspring of last year's split of Hewlett-Packard—this week announced the launch of HP Tech Ventures, its new corporate venture arm that officials said will invest in startups that are developing technologies that could benefit HP.
The group will be led by Andrew Bolwell, who officials referred to as HP's "chief disrupter," and will report to Shane Wall, HP's CTO and head of HP Labs. Wall came to HP in 2012 after spending 14 years with Intel, including two years with Intel Capital, the chip maker's investment arm. Intel has been aggressive over the years in investing in a range of companies of interest to the chip maker. Most recently, Intel has invested in startups working in such areas as robotics, drones, wearable devices and the Internet of things (IoT), as well as companies in China.
Other top-tier tech vendors with their own investment arms include Google, Microsoft and Hewlett Packard Enterprise (HPE), the other company created by the breakup of HP.
HP Tech Ventures is looking for early stage companies that are working in a broad range of technology areas, including AI and robotics.
In an interview with The Wall Street Journal, Wall said that HP would operate in a manner similar to Intel Capital by using money from its general fund to invest in the startups, rather than create a particular fund. The investment group already has been working under the radar and made some investments already, he said.