Seagate Technology to invest in new high tech startups

Seagate Technology to invest in new high tech startups
Tom Foremski
Seagate Technology has established a venture capital division to invest in companies developing data storage intensive applications.
With $25m in initial funding, the Seagate Venture Fund will work with other Silicon Valley venture capital firms to provide seed money and first round financing for new high tech startups. Seagate hopes that its investments will create new types of technologies and products that will drive the need for hard drives in data storage intensive applications.
“The creation of this fund will aid our efforts by seeding the market with companies developing tomorrow’s killer applications,” said Seagate president and chief executive officer Steve Luczo.
Seagate joins other US high tech firms such as Intel and Texas Instruments who have their own venture capital firms and make large investments in companies developing applications related to their core businesses.

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