AT&T recently announced that it has formed a partnership with venture capital firm Coral Group to invest up to $200 million in a new venture fund. The fund will seek to identify technology start-ups focused on connected services and platforms and to more quickly develop solutions for AT&T and other carriers.
AT&T’s venture capital fund will provide investments into technologies that are running on the Open Network Automation Platform, an operating system for software-defined networks. ONAP is rapidly becoming the standard for virtualized networks and is the result of a platform created in AT&T Labs and an open source existing effort.
AT&T and Coral Group will work together to identify other companies to potentially invest in the fund and to share connected services and platforms solutions developed through their partnerships. Coral Group, based in Minneapolis and the fifth largest VC firm in Minnesota, will run the fund.
This new $200 million fund represents AT&T’s latest innovation program and builds on the company’s current AT&T Labs and Foundry innovation centers. Launched in 2011, the Foundry innovation centers work closely with the start-up and open source communities to develop solutions for a host of technology-driven businesses and industries, including automotive, healthcare, and sensors. AT&T’s centers include the IoT Foundry in Plano, Texas; the Drive Studio in Atlanta; and, the Healthcare Foundry in Houston.