Schneider Electric-affiliated venture investor SE Ventures announced the launch of a €500 million fund aimed at accelerating funding for climate and industrial tech startups.

Backed by Schneider Electric, the new fund will target “category-defining companies” in the fields of climate-tech, industrial AI, mobility, prop-tech and cybersecurity. The fund will begin deployment in January 2023.

Amit Chaturvedy, Global Head and Managing Partner at SE Ventures, said:

“Together, SE Ventures and Schneider Electric are building a better future, investing in big, disruptive ideas that accelerate the world’s sustainability agenda while driving better business outcomes.”

The new fund marks the second for SE Ventures, following the launch of Fund I in 2018, and brings the investor’s committed capital to $1 billion. 

Since its establishment SE Ventures, has invested in over 40 startups, seven venture funds, and an additional 200 startups through partnership engagement.

SE Ventures is led by Chaturvedy and General Partners, Grant Allen and Varun Jain.

With the establishment of the new fund, SE Ventures said it also plans to expand its global team.

Nadège Petit, Chief Innovation Officer of Schneider Electric, said:

“We live in a world that’s facing crises on three fundamental levels: energy, economy and climate. There’s never been a greater need for transformation, or a greater opportunity for positive impact – impact that we create by innovating in three fundamental ways: electrification, digitalization and decarbonization.”