Around the Net
$50 Million IoT Fund Being Raised by Digg Co-Founder
- Consulting Trends, Monday, July 13, 2015 11 AM
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.”
