Cox Enterprises said Wednesday that it plans to invest $250 million to help launch technology startups based in the metropolitan Atlanta area.
The media company, which owns Cox Communications, the third largest U.S. cable MSO, is teaming up with board member Tripp Rackley to manage new venture. Cox said in a prepared statement that the partnership will "invest directly and exclusively in companies created by Rackley."
Rackley's previous startups include mobile payment company Firethorn, which he sold to Qualcomm in 2007. Cox is already funding Experience, a company founded by Rackley that lets attendees at sporting events and concerts upgrade their tickets through a mobile application.
Atlanta-based Cox Communications announced last week that it would use Cisco's (Nasdaq: CSCO) Videoscape platform to power new mobile video applications for cable subscribers.
While Cox didn't detail the types of companies that it will fund, it's likely that the startups will include include providers developing technology that could grow Cox's cable business. Rackley's experience with financial technology could also help Cox develop t-commerce products for cable subscribers.
"You won't see us do anything where the technology looks sleepy. You are going to see us always look for the next big platform," Rackley told the Atlanta Journal-Constitution.
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