The corrected release reads:
“Strategic investing is not new to Applied as we have provided funding to early stage companies for years”
APPLIED MATERIALS LAUNCHES VENTURE CAPITAL PROGRAM TO SUPPORT BREAKTHROUGH TECHNOLOGY
Applied Materials, Inc. (Nasdaq:AMAT) announced today that it has formed Applied Ventures, LLC, a wholly-owned subsidiary whose charter is to make strategic seed and early stage investments in promising, privately-held companies of up to a total of $25 million annually. Investments will focus on technology innovations that could drive growth in existing, related and new markets for Applied Materials.
"We are teaming with other investors to identify, make and manage financially attractive investments that support Applied Materials' strategic objectives. Our investments will typically range from $250,000 to $3 million early in the funding process," stated Mark Pinto, senior vice president and CTO. "Applied Ventures will focus on companies creating discontinuities and disruptions that advance the semiconductor and related industries, as well as new markets that create natural extensions of Applied Materials' strong core products and capabilities."
Applied Ventures' involvement with portfolio companies may include a leadership role, through board seats or observer rights, access to Applied's technology and research capabilities such as the Maydan Technology Center, to enable innovation, or access to the company's global business relationships.
"Strategic investing is not new to Applied as we have provided funding to early stage companies for years," said George Davis, group vice president of Business Development for Applied Materials. "Managed and funded internally, the new venture capital initiative allows us to better align these investments with our overall growth strategy and business development activities."
Details about Applied Ventures can be found, and company proposals can be submitted for consideration, at www.applied-ventures.com. Inquiries should be directed to Chris Moran, vice president and general manager, Applied Ventures at firstname.lastname@example.org.
Applied Materials, Inc. (Nasdaq:AMAT), headquartered in Santa Clara, California, is the largest supplier of equipment and services to the global semiconductor industry. Applied Materials' web site is www.appliedmaterials.com.