Venture capital firm Piva announced it raised $250 million from Petronas for its first fund, which will focus on the next era of industry, energy and materials.
, Malaysia's state-owned oil and gas company, although the fund will operate independently.
Angel left GE Ventures, where he was a managing director and worked for more than a decade, at the beginning of the year to launch Piva. He said now is an opportune time to invest in the next era of energy and energy-saving efficiency because the many key developments over the last decade are accelerating the pace of innovative change.
The fund is planning to invest in 15 to 20 companies in North America and Western Europe, although the focus will be on U.S.-based start-ups at the early or growth stage. Investments will typically be $5 million to $10 million initially, with an additional $20 million to $30 million invested over time.
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