HP announced today that it's firing up a new investment arm aimed at funding startups.
The new division, called HP Tech Ventures, will look into emerging technologies such as VR, the Internet of Things, artificial intelligence and more.
What's interesting about HP Tech Ventures is that the company isn't setting aside a specific amount of money for investments. Instead, it will use money from HP's accounts to fund companies it deems important. It's not an unlimited budget, but it will help HP move quickly with investing in emerging tech and companies.
"The next technology revolution is shifting towards strategic markets that speak to HP's strengths,"said Shane Wall, HP chief technology officer and head of HP Labs. "With our global brand and broad reach into consumer and commercial markets worldwide, HP can help startups bring product to market, build their business and scale in the global marketplace as they grow."
HP was divided into two companies last year, HP Inc. and HP Enterprise. This was done so that its consumer and business arms could operate independently of one another, making it more efficient to run than one huge entity. HP Enterprise has its own investment arm, which will operate separately from HP Tech Ventures.
The PC market is in bad shape: this year, sales fell to their lowest point in five years. Intel recently announced it's laying off 12,000 employees because of the PC slump and its slow ventures into mobile.
Given the landscape, it makes sense for HP to look elsewhere - i.e., newer technologies - for growth.
Details about HP Tech Ventures are scarce for now, though interested startups can reach out via the Tech Ventures' website.