Cloud-computing firm ServiceNow Inc said on Wednesday it would invest $1 billion in its venture arm by 2026 to back enterprise software-focused startups in artificial intelligence and automation, among others.
The investment in ServiceNow Ventures comes at a time when funding for early-stage technology companies has dried up due to rising interest rates and high inflation."Enterprise software is more mission-critical than ever before, as companies look to drive innovation, efficiency and productivity," the California-based company said.
Last month, ServiceNow became a strategic partner and anchor investor in Smith Point Capital Fund I, an enterprise software-focused venture investment firm founded by former Salesforce Inc co-CEO Keith Block.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: