Through its social impact arm The Milky Way Tech Hub, Milwaukee-based software company Jet Constellations is launching a $50 million fund for investing in tech companies founded by Blacks and other underrepresented demographics.

The fund is being launched in partnership with IP Zone Co., a New York-based information technology and services company formed out of American Express.

A ‘top five’ automotive company has agreed to invest in the fund and tech companies in the 5G, artificial intelligence and internet of things sectors have granted exclusive rights to the fund, according to information from Jet Constellations founder and CEO Nadiyah Johnson, who is also an engineer at GE Healthcare.

“The fund will target scalable tech companies that have substantial intellectual property and a willingness to relocate or invest and partner with Milwaukee and its citizens,” a press release says.

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