Siemens launches fund to back industrial automation startups

Siemens launches fund to back industrial automation startups

PanARMENIAN.Net - Siemens Venture Capital, the corporate financing arm of Europe’s biggest engineering company, is launching a new, $100 million fund to back early-stage startups working in the areas of industrial automation and other digital technologies that can transform manufacturing. This comes after Siemens made two notable startup investments over past few months — in 3D visualization startup Lagoa, and CounterTack, the developer of next generation cyber security software, TechCrunch reports.

“As digitization and software are becoming increasingly important for manufacturers to compete in the global marketplace, the Industry of the Future Fund will support Siemens’ “Industrie 4.0” strategy by providing capital to those companies whose innovative technologies and vision have the potential to change the landscape of manufacturing and industrial automation,” said Siegfried Russwurm, CEO of the Siemens Industry Sector.

According to the company statement, this new fund will back start-up companies early in their lifecycle and aims to foster partnerships with companies, which will transform industrial markets or even create completely new ones through pioneering technologies.

Related links:
 Top stories
Zuckerberg talked about the coming virtual reality wave, which his company made a big bet on when it purchased headset maker Oculus Rift.
YouTube, eager to capture cord cutters with original content, is about to debut one show and three movies to the Red subscription service.
"It looks like Google continues to execute on mobile advertising," said Neil Doshi managing director of research at Mizuho Securities.
Some of the executives are departing under pressure and others decided on their own to leave the company, the person said.
Partner news