McRock Capital has successfully raised $100 million (£80m) for its second fund focused on the Industrial Internet of Things (IIoT).
The new fund, McRock Fund II LP, has support from investors like Cisco Investments, Shell and other significant corporate and institutional investors including BDC Capital, Export Development Canada, Alberta Enterprise Corporation, and HarbourVest.
The Canadian VC firm, which specialises in growth capital and later stage investing in intelligent infrastructure companies, will use the accumulated fund in high growth organisations across Canada, the US and Europe that are blending the next-generation data analytics through AI with growing data from field devices, machines and equipment in industrial and urban environments.
Scott MacDonald, co-founder and managing partner of McRock Capital, said: “We are at the beginning of the digital transformation in every industrial sector and urban environment around the globe. McRock Fund II provides us with significant investment capital and strategic corporate relationships to help build the next generation of high-growth tech companies.”
Recently, Palo Alto Networks announced its plan to acquire IoT security provider Zingbox for $75m (£61m). This acquisition would enable Palo Alto to expedite the delivery of IoT security via its Next-Generation Firewall and Cortex platforms by leveraging Zingbox's cloud-based service and advanced AI and machine learning technology for device and threat identification capabilities. Once these are integrated, the Zingbox technologies will help Palo Alto Networks to provide strong IoT security with best-in-class visibility and automated in-line prevention.
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