SAN FRANCISCO, Dec. 11, 2019 /PRNewswire/ -- Today, newly formed venture capital firm Piva announced the launch of its inaugural $250 million fund to invest in the people, companies and breakthrough technologies needed to usher in a new era of industry and energy. Backed by one of the world's largest energy companies, Petroliam Nasional Berhad (PETRONAS), Piva is led by GE Ventures' alum Ricardo Angel, who brings more than 25 years of investing and operational experience in the industrial and energy sectors. From offices in San Francisco, the firm independently invests in early to growth-stage companies across the world.
"Over the next twenty years, new types of technologies will solve the most critical industrial, material and energy problems we face today," said Ricardo Angel, CEO and Managing Partner, Piva. "We started Piva under the strong belief that the founders and emerging companies ushering in this new era of industry and energy need an investor that brings a different approach to venture capital -- one that is global, connected, fast-moving, makes big bets, and has the perseverance to turn big ideas into reality."
Piva counts one of the world's largest energy companies, Malaysia-based PETRONAS, as its sole LP but operates independently from the energy giant, that separately formed a corporate venture capital fund (PETRONAS CVC) in October. The firm is able to leverage its global partners and deep professional networks in over 90 countries and six continents to help founders access new markets, leading corporations, organizations and the technical experts they need to build the future of industry and energy.
"Over the next decade, VCs will pour billions of dollars into new companies and technologies that will help the world's energy and industrial companies fundamentally change how they operate, stay competitive, innovate and remain profitable," said Christopher Norris, Executive Director of the Ciocca Center for Innovation and Entrepreneurship at Santa Clara University. "But capital won't be enough. The Piva difference is in the team they've assembled, that not only has a global reach, but that also understands the complex technical and market challenges that entrepreneurs need to solve that will lead to a better, more sustainable world."
Angel is joined by an accomplished investment team including; Adzmel Adznan, as Partner and Operating Manager, who comes to Piva from PETRONAS, Bennett Cohen as Partner, a Kauffman Fellow previously with Shell Ventures in San Francisco, and as an Associate, Maria Buitron, who was most recently with Schlumberger Business Consulting and just named on the 2020 Forbes 30 Under 30 list in both the Energy and Immigrants categories. Rounding out the team as Venture Partners are; Issam Dairaneh, Michael Idelchik, Robert Siegel and Steve Foster, who each bring decades of successful venture capital investing and operating experience to Piva.
The firm plans to invest in 15-20 technology companies around the world over the life of the fund. Core investment areas include: the future of industry, technologies like AI, IIoT, robotics and automation driving the 4th Industrial revolution; the future of energy, including new technologies accelerating the energy transition along with electrification, automation and digitalization of mobility; and the future of materials and production including breakthrough chemicals and new materials.
Piva Invests in the leading people and companies solving the world's greatest industrial and energy problems with breakthrough technologies and new, innovative ways of doing business. Based in San Francisco and backed by a global Fortune 500 energy company, our accomplished and connected team invests in early to growth-stage companies around the world.