Chevron Technology Ventures Launches $100 Million Fund

Apr 02, 2001, 01:00 ET from Chevron Technology Ventures LLC

    SAN FRANCISCO, April 2 /PRNewswire/ -- Chevron Technology Ventures LLC
 (CTV) today announced it has launched CTV II, a $100 million capital fund to
 invest in early to mid-stage companies and in limited partnership funds.
 Investments from CTV II will center on companies developing technologies that
 enable interaction of physical devices and information networks.  Investments
 will focus on those companies whose technology has potential to improve
 Chevron's core business performance or create opportunities for growth.
 Investment areas may include human digital interface, sensor networks and
 micro devices.
     "We had a very successful beginning with our first fund, and we exceeded
 our expectations despite a volatile period in the public markets," said
 Donald Paul, vice president of technology for Chevron Corp., (NYSE:   CHV) and
 president of CTV.  "With the creation of CTV II, Chevron demonstrates
 commitment to generating new revenue streams through venture capital
 investments in emerging technology companies."
     Some of the venture capital unit's achievements since its inception in
 1999 include:
 
     -- Committing 75 percent of CTV I fund capital in nine start-up companies
        and six venture capital funds;
     -- Introducing innovative new technologies from its investment activities
        to other Chevron operating companies for their application in pursuit
        of safe and reliable operations, cost reduction, capital stewardship,
        and profitable growth.
 
     "Although the overall investment climate has become more challenging,
 CTV's business model is sound," said Paul.  CTV's expectations for financial
 returns are based on historical venture capital returns.  Its focus is to
 invest in technology start-up companies with strong commercial potential
 rather than on Internet business models.  CTV's two venture executives,
 Don Riley and Cliff Detz, will continue to manage both funds.
 
     About Chevron Technology Ventures LLC
     Chevron Technology Ventures (CTV) was formed in June 1999 to invest in
 technology start-up companies whose innovations could significantly benefit
 Chevron's existing businesses and lead to new growth opportunities.  CTV's
 $60 million first fund, CTV I, focused investing in three primary areas:
 information technology, biotechnology and materials sciences.  For more
 information about CTV, write to ctvllc@chevron.com.
 
 

SOURCE Chevron Technology Ventures LLC
    SAN FRANCISCO, April 2 /PRNewswire/ -- Chevron Technology Ventures LLC
 (CTV) today announced it has launched CTV II, a $100 million capital fund to
 invest in early to mid-stage companies and in limited partnership funds.
 Investments from CTV II will center on companies developing technologies that
 enable interaction of physical devices and information networks.  Investments
 will focus on those companies whose technology has potential to improve
 Chevron's core business performance or create opportunities for growth.
 Investment areas may include human digital interface, sensor networks and
 micro devices.
     "We had a very successful beginning with our first fund, and we exceeded
 our expectations despite a volatile period in the public markets," said
 Donald Paul, vice president of technology for Chevron Corp., (NYSE:   CHV) and
 president of CTV.  "With the creation of CTV II, Chevron demonstrates
 commitment to generating new revenue streams through venture capital
 investments in emerging technology companies."
     Some of the venture capital unit's achievements since its inception in
 1999 include:
 
     -- Committing 75 percent of CTV I fund capital in nine start-up companies
        and six venture capital funds;
     -- Introducing innovative new technologies from its investment activities
        to other Chevron operating companies for their application in pursuit
        of safe and reliable operations, cost reduction, capital stewardship,
        and profitable growth.
 
     "Although the overall investment climate has become more challenging,
 CTV's business model is sound," said Paul.  CTV's expectations for financial
 returns are based on historical venture capital returns.  Its focus is to
 invest in technology start-up companies with strong commercial potential
 rather than on Internet business models.  CTV's two venture executives,
 Don Riley and Cliff Detz, will continue to manage both funds.
 
     About Chevron Technology Ventures LLC
     Chevron Technology Ventures (CTV) was formed in June 1999 to invest in
 technology start-up companies whose innovations could significantly benefit
 Chevron's existing businesses and lead to new growth opportunities.  CTV's
 $60 million first fund, CTV I, focused investing in three primary areas:
 information technology, biotechnology and materials sciences.  For more
 information about CTV, write to ctvllc@chevron.com.
 
 SOURCE  Chevron Technology Ventures LLC