Micron Ventures, Micron Technology's corporate venture capital arm, made a $200 million investment in deep tech businesses on Thursday.
The current investment expands on the success of Micron Ventures Fund, bringing the total assets under management to $300 million.
Micron Ventures has made 25 investments in startups since its founding, delivering significant financial returns and many unicorn firms inside the portfolio, according to a statement.
"Funding the deep tech startup ecosystem will accelerate innovation forward and help open doors to new commercial prospects for Micron," said Rene Hartner, vice president of corporate development at Micron.
Micron stated that 20% of the funding committed in the new Fund will go to entrepreneurs founded by women and other underrepresented groups.
"Micron has offered direct support in implementing Multiscale's mission to improve the materials discovery and production processes," stated Vasu Kalidindi, Multiscale's co-founder and CEO.
"We were able to establish an advanced platform for materials innovation thanks to our collaboration with Micron," Kalidindi remarked.
Micron's innovation approach relies heavily on early-stage equity investments.
According to the business, about 25% of the cash invested in Fund I went to entrepreneurs managed by underrepresented groups, exceeding its initial 20% objective.