HP has announced the launch of HP Tech Ventures, the new corporate venture arm of the business, which will invest in IoT and artificial intelligence start-ups that could end up competing with HPE.

The team will aim to develop partnership and identify potential acquisitions within the new era of disruptive technologies. HP Tech Ventures, which will be based out of offices in Palo Alto and Tel Aviv, will be led by Chief Disrupter, Andrew Bolwell targeting new technologies in 3D transformation, immersive computing, hyper-mobility, Internet of Things, artificial intelligence, and smart machines in the first instance.

Following the split of Hewlett-Packard into two separate organizations, HP took the PC and printer assets, while HPE is now focused on enterprise-orientated technologies. Over the last several months, HPE has made numerous product launches and investments in cloud, machine-learning and IoT technologies, and HP Tech Ventures targeted technologies (IoT, AI, smart machines etc.) could potentially make the once combined companies, competitors. HPE also has its own venture arm, where it has invested in various cloud, big data and security start-ups.

“The next technology revolution is shifting towards strategic markets that speak to HP’s strengths,” said Shane Wall, HP Chief Technology Officer and head of HP Labs. “With our global brand and broad reach into consumer and commercial markets worldwide, HP can help start-ups bring product to market, build their business and scale in the global marketplace as they grow.”

The company has claimed it will be able to offer rapid scale to innovative start-ups, through its technology network, as well as its channel and distribution partners. The launch would appear to be one of HP’s strategies to counter the negative impact which declining PC sales is having on its traditional business, entering into new markets through potential acquisitions as opposed to organic growth.