Cloud business software provider Workday Inc. has become the latest technology firm to create its own investment arm.

The company today announced the launch of a $250 million venture fund that will focus on new technologies such as artificial intelligence, blockchain, machine learning and augmented and virtual reality. Workday said the launch of its new venture fund builds on last year’s decision to expand its partner ecosystem and make its cloud platform more accessible to developers.

Workday’s plan is to use the fund — which will be led by Leighanne Levensaler, senior vice president of corporate strategy, and former co-President Mark Peek — to provide capital for early-stage startups that are pioneering new enterprise use cases for emerging technologies.

The company will provide guidance to the startups it backs, as well as access to its customers, executives, data scientists, architects and engineers. In return for those commitments, Workday will gain access to new technologies that could one day be integrated into its own software-as-a-service platform.

News of the fund comes after Workday launched its new data-as-a-service product Prism Analytics in October. That move was designed give Workday’s platform greater access to enterprise data and expand its usefulness to customers. The investment in emerging technologies can therefore be seen as a continuation of that effort.

“Our investment in Workday Ventures reinforces our commitment to staying at the forefront of enterprise innovation,” said Workday Chief Executive Aneel Bhusri. “Combining the leadership of Leighanne and Mark with our deep understanding of the enterprise market will position Workday Ventures as an industry leader, supporting the growth of our portfolio companies, community, and business.”

The announcement came alongside news that Workday has promoted Chief Financial Officer Robynne Sisco and field operations chief Chano Fernandez to co-presidents of the company.

In its fiscal third quarter reported in November, Workday saw profit per share before certain costs such as stock compensation jump fourfold, to 24 cents a share, on a 34 percent rise in revenue, to $555.4 million, topping analysts’ forecasts.

Image: Workday