A consortium of key players in the field of Internet applications and digital media has joined forces to create a new investment vehicle to promote Web 3.0 innovation in Southern California.

Comprising entertainment company William Morris Agency, venture capital firms Accel Partners and Venrock, and AT&T (NYSE:T), the Joint Fund will focus on discovering, funding and building small, high-impact companies specializing in consumer media technologies.

"AT&T is focused on driving innovation that enables people to do more and get more from their connectivity," Susan Johnson, senior vice president of business development for AT&T, said in a statement. "We are excited about working with this venture to accelerate the pace of innovation so that consumers can benefit from next-generation services and capabilities."