press release

Chevron Press Release - Chevron Technology Ventures Launches $100 Million Fund

SAN FRANCISCO, April 2, 2001 -- 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., 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.

Updated: April 2001