U.S.-based Chevron Technology Ventures, a venture capital arm of oil and gas company Chevron Corp., has unveiled a new $90 million fund.

The new vehicle, Fund VII, will target scalable technology companies that could ramp up and enhance Chevron's oil and gas business.

Chevron Technology said that the fund will focus on early- to mid-stage companies and limited partnership funds.

In June Last year, Chevron launched a $100 million fund, called Future Energy Fund, to find solutions regarding lower carbon emissions and cleaner energy.