Toronto's McRock Capital announced this morning an initial closing of its $50 million industrial internet venture capital fund, the McRock iNFund LP.
The closing was led by BDC Venture Capital and included participation from "other significant Canadian and US institutional investors and family offices."
McRock recently struck a strategic alignment with GE, who is credited for coining the term "industrial internet," which McRock defines as the intersection of sensors and software in large industrial markets.
The McRock iNFund LP will invest in high-growth companies across North America that are specifically targeting large industrial markets looking to maximize the efficiency of their operations by making their machines, equipment, and devices run more intelligently.
“We are thrilled to announce the first close of our fund and are grateful for the confidence our investors have shown in us,” said Scott MacDonald, cofounder and managing partner of McRock Capital. “We have entered an era of profound transformation with the industrial internet."
"McRock iNFund has a highly focused and differentiated investment strategy that has caught the interest of many Canadian and US investors," added Dominique Bélanger, VP of Strategic Investments and Initiatives at BDC Venture Capital. "Moreover, it is well aligned with our own objective of supporting Canadian ventures that have the potential both to commercialize scalable industrial technologies and to generate significant returns."