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Formerly Siemens Venture Capital, next47 is a global venture firm created by Siemens. The unit's name, 'next47,' plays on the fact that Siemens was founded in 1847. At next47, the company will pool its existing startup activities. The new unit will have funding of EURO1 billion for the first five years. Siegfried Russwurm, Siemens Chief Technology Officer, will head the new unit on an acting basis. With offices in Israel, Beijing, Paris, Munich, Palo Alto and Beijing, next47 gives start-ups unparalleled access to one of the world's largest portfolios of customers in the areas of industry, energy and infrastructure as well as domain expertise in the deep technologies that impact those customers. next47 has more than $100 million in the order pipeline.
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