Jay Adelson and Andy Smith want to invest in the Internet’s “third wave.” Center Electric, a new venture capital firm focused on the Internet of things, is seeking to raise $50
million for its debut fund (with a $75 million hard cap), Fortune has learned from prospective investors. The Silicon Valley-based firm was formed by Jay Adelson, co-founder of Equinix EQIX 1.22% and
Digg, and former Dolby Labs DLB -0.24% executive Andy Smith. It plans to back early-stage companies involved in producing the “underlying infrastructure needed to support IoT as well as the
hardware that takes advantage of it.”
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