Compaq gives $5m to tech companies

PC vendor Compaq has shot a $5 million injection into the arm of the Australian technology development industry.

The cash injection, the vendor's first outside the US, was given to the newly established Newport Technology Fund, which provides financial and managerial assistance to startup and established technology companies.

Other investors contributing to the fund include China Development Industrial Bank, Union Bank of Switzerland, Shamrock Investments and C.H. Warman International. The total value of the fund is $75 million.

According to the fund's CEO, Mike Hilsden, the fund seeks businesses with "market readiness, quality of management, product differentiators and a solid management team" as its beneficiaries.

Compaq said the fund would initially target only Australian business, but would soon expand its reach internationally.

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