The main person in the effort is IDrive’s founder and chief executive, Raghu Kulkarni. But he has assembled a team of domain experts to go with him to several conferences and meet with startups in the past few months. The company has already invested in security startup Cymmetria, news app Fresco, augmented reality startup ScopeAR, and health startup Zenflow.
It’s a bit ironic that IDrive is doing this, because it has never taken on any venture capital. But that’s what’s happening.
“There is so much innovation happening around the world and the best way to participate is in the startup world by investing, and contributing to the success of these startups,” Kulkarni told VentureBeat in an email. “There are incredible things happening now in medical biodesign, wireless charging, holographic displays, robotics, augmented reality, news, security, mobility, and water purification, just to name a few, and many more, and we can participate now, by investing.”
As is the case with some other corporate venture firms, IDrive Ventures can offer more than just money.
“We’re open to partnerships with our startups, as well as providing general business advice on building a company from the ground up. As far as a perk, we can can provide backup space if needed,” an IDrive spokesperson told VentureBeat in an email.
IDrive started in 2007 and is based in Calabasas, California. IDrive claims that it is profitable and says it has more than 3 million users and more than 50 petabytes of users’ data. Competitors include Backblaze, Carbonite, Code 42’s CrashPlan, and EMC’s Mozy.