State and local business organizations have launched a venture-capital "fund of funds" that aims to raise up to $200 million to finance small high-tech Arizona companies that aspire to become the future Microsofts and Googles of the world.

The private fund, which could begin releasing money by mid-2010, will zero in on innovative startup firms in areas such as information technology, life sciences and solar that can create high-paying, high-quality jobs.

$200 mil sought for Ariz. startups