Alberta Enterprise Corp. invests $10M with Internet of Things VC fund
McRock Capital will target projects in the digital oilfield/smart fields, automated power grid, manufacturing, and smart cities sectors.
EDMONTON — Alberta Enterprise Corp. has invested $10 million as a limited partner in McRock iNFund, a venture capital fund focused on the Industrial Internet of Things (IIoT) market.
McRock will use the investment to target projects in the digital oilfield/smart fields, automated power grid, manufacturing, and smart cities sectors.
“The rate at which sensors and machines are connecting to the Internet is staggering,” said Whitney Rockley, co-founder and managing partner of McRock Capital. “There is a significant opportunity in Alberta to build companies that can use this growing data from industrial equipment to create significant business intelligence solutions. Oil and natural gas producers need to optimize their assets, reduce downtime, and unlock production by using new IIoT solutions.”
The IIoT segment is a rapidly emerging subset of the larger Internet of Things (IoT) sector and is focused on creating Internet enabled devices, applications, and products for Industrial markets. IoT applications for consumers are becoming mainstream but tech-enabled solutions allowing established industries to capture, store, and analyze data streams to make faster decisions is said to be the next wave of innovation.
According to a 2015 report by the World Economic Forum, IIoT applications are expected to transform many industries and ultimately dwarf the consumer side in potential business and socioeconomic impacts.