T-Mobile Ventures, the corporate venture capital arm of T-Mobile, is launching a second investment fund to back 5G-related products and services for the T-Mobile network in areas including AI for mobile and edge computing.
Portfolio startups will get access to the telecommunication giant’s network and expertise, infrastructure, and cash. The first fund, announced in 2020, includes investments in AI-powered wildfire detection startup Pano AI, cloud data protection company Trilio, mobile communications startup Movius, driverless car startup Halo.Car, and others. The fund has 11 active companies in its portfolio, according to PitchBook.
The size of the new fund, announced Tuesday, was not revealed.
T-Mobile said it will invest in tech to add to its line of consumer products and services, such as smart home products, connected wearables, and mobile apps for sports and entertainment. The company said it will also invest in startups that can add to its business services through edge computing, vehicle navigation, cybersecurity, workforce applications, among others.
The company partners with Touchdown Ventures to help manage the fund.
T-Mobile reported $19.2 billion in revenue for the second quarter, down 2.2% year-over-year. The company beat analyst expectations for customer additions. Last month T-Mobile said it would lay off 7,000 employees, or about 7% of its workforce.
