McRock Capital, a Toronto, Canada-based investment firm, raised $50m in the first close for its industrial internet venture capital fund.
Backers included BDC Venture Capital and Canadian and U.S. institutional investors and family offices.
McRock iNFund LP is focused exclusively on the intersection of sensors and software in large industrial markets, an area known as the Industrial Internet.
The fund will invest in high growth companies across Canada and the US that are targeting large industrial markets looking to maximize the efficiency of their operations by making their machines, equipment and devices run more intelligently.
Led by Scott MacDonald and Whitney Rockley, McRock Capital.