Accountancy and consulting firm KPMG has formed KPMG Capital, a global investment fund that will invest primarily in big data and analytics businesses through strategic acquisitions and technology partnerships.
The $100 million (£66 million) fund, which is headquartered in London, aims to "identify, innovate and accelerate the rapid delivery of data and analytics offerings to clients", said KPMG, in areas such as risk management and cost optimisation, as well as enabling them to tap into new revenue streams.
Simon Collins, UK chairman of KPMG, said: “Technology is the beacon for UK economic recovery, with job creation outpacing average private sector growth fourfold.
"We were quick to support Tech City with a permanent base and we’re going to stay ahead in delivering the extraordinary potential of data and analytics to our clients."
He added: "Technology isn’t following the old rules – innovation is happening in universities, in small informal businesses and through curious individuals.
"For a major company to harness this we have to be more agile, by co-investing, sponsoring and partnering at early stages and encouraging technology entrepreneurs to be bold."