HP Inc. has a new investment arm to fund start-ups.
The personal computer and printer maker said on Tuesday that its new group, HP Tech Ventures, would fund young businesses working on 3D technology, immersive computing, artificial intelligence, and the Internet of things, in which devices like refrigerators and factory equipment are connected online.
HP executive Andrew Bolwell will lead the new investment arm, which will report to Shane Wall, HP’s chief technology officer and head of the company’s research arm, HP Labs. Unlike the typical investment fund that has a set amount of money to divvy out to startups, HP will instead invest directly from its balance sheet, according to the Wall Street Journal.
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“The next technology revolution is shifting towards strategic markets that speak to HP’s strengths,” Wall said in a statement. “With our global brand and broad reach into consumer and commercial markets worldwide, HP can help startups bring product to market, build their business and scale in the global marketplace as they grow.”
HP Tech Ventures will operate from both Palo Alto and Tel Aviv, Israel. The company did not mention any specific startups it may be looking to invest in.
But some of the technologies HP is looking to fund are already of interest to it. For example, HP is pushing into 3D printing as just one of the ways to reignite growth while its core business declines.
HP’s (HPQ) data center and corporate infrastructure sibling, Hewlett Packard Enterprise (HPE), has its own investment arm that is separate from the new fund. In late March, HP Enterprise’s investment arm led a $73.5 million funding round for the data center software startup Mesosphere.
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HP Inc. and HP Enterprise officially split into separate companies last November with the idea that two companies focused on their respective businesses could operate more efficiently than one mega-company.