After Keedair's discovery of the Spice Melange on Arrakis, he sought out Venport, with whom he was acquainted. The two formed a VenKee Enterprises primarily as a vessel through which spice could be purchased, transported and traded within the League of Nobles. The company's name came from the fusion of the two founders' surnames.
After Venport's old friend (and later wife) Norma Cenva revealed her discover of how space folding could be achieved, VenKee Enterprises invested significant resources into her research. Cenva's theories were eventually proven successful in practice, and despite the high risks in using the spacefolders, and the annexation of many VenKee vessels by the Army of the Jihad, the company began to make a profit from the ships.
However, by the time VenKee Enterprises was seeing gain from the Spacefolder venture, its two founders were no longer in charge: Venport having died in an attack by cymeks; and Keedair having mysteriously vanished during the destruction on Poritrin. Management of VenKee Enterprises was taken over by Norma Cenva and Adrien - her eldest son with Aurelius.
The revelation that the Spice Melange could be used to fend off the Omnius Scourge virus ironically proved to be a disadvantage to VenKee Enterprises. On discovering the fortification powers of the spice, the League of Nobles quickly broke a previous promise they had made with the company and denied them exclusive rights to spice mining on Arrakis. Though they still made money from the mining operations, their interests were severely eroded by countless outside parties who descended on the planet in a spice rush.
Influence returned to VenKee Enterprises after Norma Cenva discovered how to harness the prescient power of the Spice Melange as a means of navigating folded space safely. Though they eventually lost their spice mining interests entirely, they maintained a stranglehold over faster than light travel, and eventually evolved into the Spacing Guild.