Applied Venture, Empire State Development Aim to ‘Accelerate Innovation’ in Upstate NY

Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., announced a new co-investment initiative with Empire State Development, New York State’s economic development organization, aimed at accelerating innovation in Upstate New York.

The goal of the initiative is to invest in promising Upstate New York startups across a broad range of established and emerging industries including semiconductors, artificial intelligence, advanced optics, autonomous vehicles, life sciences, clean energy and more.

In addition to funding, startups and early-stage companies will be able to benefit from Applied Materials’ expanded capabilities in advanced materials-based R&D, process technologies, device prototyping and pilot-scale production at its forthcoming Materials Engineering Technology Accelerator (META Center) to be located on the State University of New York Polytechnic Institute campus in Albany, also announced.

“Upstate New York is home to a vibrant technology and academic ecosystem, with entrepreneurs who are generating new growth opportunities across many industries,” said Om Nalamasu, president of Applied Ventures and CTO of Applied Materials.

“This partnership will foster innovation and strengthen the Upstate economy by supporting the next generation of promising entrepreneurs and startups from the Capital Region to Western New York,” said Howard Zemsky, Empire State Development president, CEO & commissioner. “By investing in our talent and leading-edge research, we are investing in the future of New York State while spurring new economic activity, jobs and opportunity in our communities.”

“For more than a decade, Applied Ventures has invested in over 75 high-tech startups across the world that are pioneering innovations in smartphones, augmented and virtual reality, artificial intelligence, autonomous vehicles, life sciences, 3D printing, robotics, cleantech, and advanced materials,” added Rajesh Swaminathan, GM of Applied Ventures.
Applied Ventures has invested in several startups in the state, including Lumiode (high-brightness microdisplays) and Norsk Titanium (additive manufacturing).