Eastman investment in Phoenix Venture Partners II LP increases external innovation reach with start-up sector
Kingsport, Tenn., USA, May 17, 2017 - Eastman Chemical Company (NYSE:EMN) announced today it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund, PVP II LP.
This is another step forward for Eastman's expanding external innovation model. The investment increases Eastman's external innovation reach beyond academic alliances into the start-up venture sector. Terms of the transaction were not disclosed.
Eastman expects to leverage PVP's scouting capabilities, deal flow and knowledge of the Advanced Materials venture sector to identify and work collaboratively with start-ups to successfully bring innovative technologies to market. As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities.
Dr. Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing.
"We are pleased to be working with the PVP team," Boyd said. "Eastman chose to partner with PVP due to its focus on Advanced Materials venture investing, its deal flow screening based on partnership business models and its closely collaborative approach with its strategic limited partners. In addition, we believe PVP has a good cultural fit with Eastman."
"Eastman not only has world-class technologies, but also a deep understanding of markets and customer technologies that makes them a preferred innovation partner," said Dr. John T. Chen, Managing General Partner of PVP. "With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value."
Dr. Zachariah Jonasson, Managing General Partner of PVP, added, "We are excited to be working with Eastman to connect them to entrepreneurs globally."
About Eastman Chemical Company
Eastman is a global advanced materials and specialty additives company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in more than 100 countries and had 2016 revenues of approximately $9.0 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,000 people around the world. For more information, visit www.eastman.com.
About Phoenix Venture Partners
Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials start-ups across multiple industrial application areas. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA. For additional information please visit our website at www.phoenix-vp.com.
Brad Lifford, Eastman Corporate Communications
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Source: Eastman Chemical Company via Globenewswire