KLA-Tencor creates $50 million venture group to fund startups – EE Times
SAN JOSE — In a move to accelerate development of new technologies, metrology giant KLA-Tencor Corp. here today announced a venture capital group with $50 million in assets to fund startups pursuing advanced products and services in semiconductor, photomask, and data storage manufacturing sectors.
The formation of the KT Venture Group adds a third leg to KLA-Tencor's business strategy for new growth, said Ken Schroeder, president and CEO of the San Jose company. Until now, the inspection and measurement supplier has focused on internal development and acquisitions to expand its businesses and technologies, he noted. Reaching out to fund startups will add another dimension to KLA-Tencor's growth, said the chief executive officer.
“We believe that KT Venture Group can identify these new ventures, and that KLA-Tencor can accelerate the success of these ventures by not only adding capital, but also providing assistance such as building alliances and providing staffing and business counsel,” Schroeder explained.
Peter Wolken and Robert Lee will manage KT Venture Group's investment portfolio. Wolken, a venture capitalist for more than 20 years, has been named general partner of the new group. Lee, a nine-year veteran on KLA-Tencor's management team, takes the title of vice president and general partner of KT Venture Group.
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