Enterprise software giant SAP launched the SAP.iO Fund today to invest tens of millions of dollars in startups making products that call upon SAP platforms, data, or APIs made by SAP.
Starting with an initial investment of $35 million, the fund will invest in dozens of enterprise startups in the coming years. SAP also plans to fund startup accelerators in tech capitals cities around the world, like San Francisco and Berlin.
Both the investment fund and accelerator programs will focus on machine learning, Internet of Things (IoT), and big data, according to SAP chief strategy officer Deepak Krishnamurthy.
SAP.iO Fund will invest in 10 to 15 companies in its first year, 25 to 30 the following year and up to 50 in its third year, Krishnamurthy said.
Each seed round will receive roughly $250,000, with additional investment in Series A funding rounds. Applicants will be asked to leverage APIs from SAP Systems.
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