Telstra’s venture capital fund, Telstra Ventures, has been renamed Titanium Ventures as it drops its telco branding and seeks new partnerships, including with Indian tech giant Infosys.
The move comes as Telstra considers selling its current investments in Telstra Ventures in line with its broader strategy to streamline operations and achieve A$400 million in cost savings by offloading substantial investments and reducing its workforce.
Telstra Ventures, which was founded 13 years ago and became independent six years ago, manages A$1.35 billion with investments in 99 companies. Despite notable successes like 42 lucrative exits generating nearly A$1 billion for investors, it has faced setbacks, including backing the collapsed crypto exchange FTX.
The fund, now Titanium Ventures, will maintain its focus on artificial intelligence (AI), cybersecurity and climate technology, emphasising its commitment to cutting-edge innovation in the US and Australia.
Titanium Ventures managing partner Matthew Koertge highlighted the firm's ongoing efforts to identify and support leading companies. “We are very focused on finding world-leading companies and world-leading innovation.
"It’s no surprise a lot of that is in Silicon Valley, which is why our portfolio is weighted more heavily there. But I mean, there are lots of exciting companies in Australia, obviously also, so we’re still very actively looking into the market here,” Koertge said.
“As a team, I think we’ve got very cool coverage across those two markets. We do occasionally invest in other geographies. We’ve invested in a couple of investments in India and Israel. Cyber security is a really massive area for us, and Israel is very strong in that regard.”
A shift in vision
Telstra's decision to exit the venture fund reflects a shift from former CEO Andy Penn's vision of the fund as integral to network and technology leadership to current CEO Vicki Brady's more austere approach.
Last month Brady announced the termination of 2,800 jobs, about 9% of Telstra's workforce, citing difficulties competing with larger technology firms.
Telstra Ventures will explore options to divest its investments, leveraging relationships built over the years to access advanced technologies within Titanium Ventures' portfolio. Despite this exit, Telstra retains significant direct investments in other companies, including a nearly A$140 million stake in Nvidia.
Koertge expressed gratitude for Telstra's support, noting the fund's continued focus on AI, cybersecurity and climate technology. "We are very focused on finding world-leading companies and innovation," he stated, underscoring the fund's significant presence in Silicon Valley and ongoing interest in the Australian market.
The fund’s US-based managing partner Mark Sherman views the rebranding as a pivotal moment. "We chose Titanium Ventures because it best represents who we are – a firm that backs resilient entrepreneurs who resist cracking under pressure," Sherman said. "Titanium has the highest durability and strength-to-weight ratio of any metal in the world, mirroring the strong, resilient leaders we invest in."