AT&T announced today that it has committed to investing up to $200 million in a venture capital fund as part of the telecommunications company’s ongoing effort to solve some of technology’s toughest challenges.
In collaboration with Coral Group, AT&T will launch or invest in start-up companies focused on connected services and platforms.
Andre Fuetsch, chief technology officer and president of AT&T Labs, identified the investment a part of the company’s push to address the needs of global service providers. “We look forward to collaborating with Coral and other CIP members to find – and even create – startup companies to build disruptive technologies to solve these challenges,” Fuetsch stated.
Coral Group’s chairman and founder, Yuval Almog, was also pleased with the collaboration, saying, “The CIP solutions are targeted at large, move-the-needle opportunities initiated by our strategic collaborators. We are pleased to welcome AT&T to the CIP.”
The million-dollar fund will primarily invest in technologies that run on the Open Network Automation Platform (ONAP). ONAP is an operating system for software-defined networks which was born of a merger between a platform created in AT&T Labs and an existing effort in open source. It is now an open source platform hosted by the Linux Foundation and is also being used to manage AT&T’s own cloud network.
Together, AT&T and Coral will identify additional companies to invest in the fund.
Danita White for TechFunnel.com