Canadian venture capital firm McRock Capital has held a first close for its $50m industrial internet fund.
The first close was led by BDC Venture Capital and backed by Canadian and US-based institutional investors and family offices.
McRock said the fund will invest in Canadian and US companies targeting large industrial markets looking to maximize the efficiency of their operations by making their machines, equipment and devices run more intelligently.
McRock Capital managing partner Scott MacDonald said, “We are thrilled to announce the first close of our fund and are grateful for the confidence our investors have shown in us.
“We have entered an era of profound transformation with the Industrial Internet. McRock is well positioned to unlock tremendous value in these billion dollar markets.”
In September this year BDC said it would invest a further $135m in innovative healthcare companies, taking its total commitment to the sector to $270m.
Earlier in 2013 BDC backed the EnerTech Capital’s Partners IV fund with $20m.
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