Cisco Systems Inc., one of the most prolific corporate acquirers of startups, is starting up a new venture fund that will run independently from the parent company, people familiar with the matter say.

The Silicon Valley company, which historically has invested from its cash reserves, plans to be the anchor limited-partner investor in the new venture fund and invest hundreds of millions of dollars in the next crop of enterprise startups, these people say.

The fund will be led by Jon Sakoda, who is leaving the venture firm New Enterprise Associates after 12 years, The Wall Street Journal reported. Additional limited partners may also invest money into the fund, said these people.

Cisco already has an investment team with more than 40 people that for more than two decades has invested in more than 100 startups. The group has invested at least $2 billion from its balance sheet, making it one of the more active corporate venture arms. MuleSoft Inc. and VMware Inc. are among its prior investments. But the new vehicle will be focused on early-stage investments, including seed opportunities.

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Cisco eyes early-stage startups with new venture fund