Evonik has announced an investment into Tech Council Ventures, extending its corporate venture capital activities in the US. Tech Council is a US-based early-stage investor. It finances new, innovative start-up firms and actively supports them through its extended network in the Mid-Atlantic region on the east coast of the US. The firm is based in New Brunswick, near Evonik’s US headquarters in Parsippany and will provide Evonik access to a local network of technology start-ups including both academia and industry. The venture capital sector is concentrated in the Mid-Atlantic States of New Jersey, Maryland, Pennsylvania, Connecticut, Delaware, Virginia, and New York, being the second-largest venture-capital market in the country. In the US, Lutz Stoeber and Eric Breese look over Evonik’s venture capital activities in North America.
Tech Council works in the areas that are closely related to Evonik’s forte and includes the areas that the company considers promising fields for future growth and development. The firm provides financial support to start-ups in the sectors of materials, healthcare, life sciences, Internet of Things (IoT), and energy. Bernhard Mohr, Head, Evonik Venture Capital, explains that fund investments are a crucial part of Evonik’s venture capital activities. Mohr also states that the partnership with Tech Council Ventures will allow it to reach an extensive range of innovative start-ups located near its North American headquarters, and help gain an excellent overview of novel technologies in the region.
Evonik Venture Capital is of strategic importance in Evonik’s goal to become a leading specialty chemicals company, by gaining access to disruptive technologies and innovative business models as well as facilitating digital transformation. In keeping with its goals, Evonik launched its second venture capital fund earlier this year. John Rolando, President, Evonik North America, says that this investment fortifies its commitment to the region, adding that the company sees itself as a collaborator to promote entrepreneurship and reinforce local ties.