Schneider Electric and Aster, a venture capital firm, have agreed to change their partnership in order to accommodate the recent launch of Schneider Electric Ventures by the former.

Aster will now become a 100 per cent fully independent company owned by its management team. This will enable Aster to pursue, with greater agility, its ambition to provide its investors with the opportunity to access an enlarged ecosystem of companies, customers and partners, said a statement.

Schneider Electric Ventures was recently created to identify, nurture and support innovations in its markets that will transform the way we live and work, how we produce and consume energy, and how we run buildings and factories.

Schneider Electric has committed to invest between €300 million ($335.5 million) and €500 million ($559.3 million) in the coming years through Schneider Electric Ventures, in incubation projects, creation of new ventures, investments in start-ups, partnerships with entrepreneurs, and partner venture capital funds.

As an independent venture capital company with its own investment strategy, Aster will leverage its recognised expertise to continue its commitment to support energized teams of entrepreneurs impacting a wide spectrum of sectors, including energy, industry, and mobility that have been Aster’s focus over the past 18 years.

Aster will continue to advice and support Schneider Electric regarding Schneider Electric’s investments in certain funds managed by Aster.

Jean-Marc Bally, managing partner of Aster, said: “After 18 years of collaboration, we are moving to a next level and I am very grateful to Schneider Electric, our historic sponsor, which I warmly thank for its past support and contribution.”

“Schneider Electric and our company will continue to collaborate together in the future with a new set of opportunities,” he added.

Heriberto Diarte, head of open innovation and ventures at Schneider Electric, said: “Our industry is changing quickly, and we see many opportunities for investing in innovation.”

“This is why we have decided to build a dedicated team to focus on these opportunities going forward. The Schneider Electric Ventures team has increased resources and an enlarged scope to include Incubation, Growth investments, and Partnerships,” Diarte added.

“We thank Aster for all the years investing and we will continue supporting Aster’s portfolio companies,” Diarte concluded. – TradeArabia News Service