SAN FRANCISCO--(BUSINESS WIRE)--Hosein Khajeh-Hosseiny, PhD, until recently the CEO and Managing General Partner of Northgate Capital -- a venture capital and private equity firm – and alongside that a Senior Advisor at McKinsey & Co., today announced the formation of a new company: Open X Innovations LLC. He sold all his equity ownership in Northgate in 2016.
Open X Innovations will provide proprietary funding to start-ups, take on those companies’ key funding tasks, consult on product definition, go-to-market strategies and tap into Open X Innovations’ global commercial network.
“Open X Innovations has a dual mission,” Dr. Khajeh-Hosseiny said. “To contribute as a partner to the efforts of a distinctive group of incumbent corporations; and to fund and proactively support tenacious and disciplined entrepreneurs as they build their startups from the ground up. We have already started working with one incumbent company, and are today formally launching two major initiatives focused on two global markets that we know particularly well. If a firm has a motto, then Open X Innovations' is 'festina lente' or 'make haste slowly.'”
OpenX Innovations will be based both in San Francisco and London, with associated partners located well beyond these cities, Dr. Khajeh-Hosseiny said. He will continue to serve as Chairman of Trinity Sky LLP, a family venture capital and private equity investor, as well as continue in his long-standing role as a Senior Advisor to McKinsey & Co. on topics such as innovation, growth and investment. In June, Dr. Khajeh-Hosseiny was elected to the board of trustees of the Brookings Institution, the United States’ oldest and largest non-partisan think tank in Washington DC. Last month, he also accepted the invitation to be a board trustee of a UK government-sponsored business leadership foundation.
Dr. Khajeh-Hosseiny brings to Open X Innovations a distinguished career in business as an entrepreneur and leading private equity and venture capital investor. He started his private markets investing career at McKinsey & Co. as Head of Global Private Equity Investments at the firm’s investment office, MIO Partners, before joining Northgate Capital in 2004. During his 20 years of McKinsey advisory he has also served CEOs, boards and senior executives of many notable global and national corporations. Last month, having already sold his equity at Northgate in 2016, Dr. Khajeh-Hosseiny parted ways with the firm after a 14-year career, during which time he helped increase assets under management by 20-fold.
Two of Dr. Khajeh-Hosseiny’s public service contributions to his home country, the United Kingdom, have focused on Smart Manufacturing and on Social Entrepreneurship. He is the sponsor of several initiatives aimed at helping UK’s small and mid-sized manufacturing firms to more rapidly digitize, and transition towards Smart Manufacturing to help raise UK’s productivity and competitiveness. Hosein helped in the foundation of UnLTD, a charitable institution dedicated to financing and advancing social entrepreneurship in the UK. He has served on UnLTD’s prize-winning Investment Committee since its formation in 2000.
One of his key new public service priorities is helping to foster a much more potent, value creating tapestry of trans-Atlantic collaboration between North America and European Advanced (including High Tech) industries and ecosystems. The three-fold objectives of this initiative are to: harness greater intra-industry growth and innovation; further the success of Advanced Industries in accelerating the technological strength and competitiveness of other economic sectors in the Western Hemisphere; and to enhance the private sector’s success as a catalyst for a more inclusive social and economic fabric.
“We are very excited about the opportunities and contributions we will be able to make at Open X,” Dr. Khajeh-Hosseiny said. “Our goal is to substantially shift outwards the realms of insight, business building rigor and opening up possibilities for our entrepreneurs. We also believe there is significant opportunity for winning through smart simplification and agility in long established corporations.”
About Open X Innovations
Open X Innovations is a unique investment and advisory firm formed to empower enterprise technology entrepreneurs with distinctive artificial intelligence and machine learning technologies focused on enterprise technology simplification and corporate agility. The firm’s record of experience allows its clients to confidently build their businesses, and to partner with established global corporations in further mastering the complexity associated with winning in a technologically disruptive and borderless world.