The CVCA is reporting that Toronto-based McRock Capital has announced a second close for its industrial Internet of Things (IoT) focused iNFund LP. The close saw BDC Capital increase its commitment, with new commitments coming from Cisco Investments and Teralys Capital Innovation.
“Teralys is excited to be joining McRock, a specialized investment fund dedicated to the rapidly growing Industrial Internet of Things sector,” said Eric Legault, managing partner of Teralys Capital. “The founding partners of McRock have backed some very successful entrepreneurs and early disruptors in the past and will use their experience to support the next generation of high growth companies in that sector. The creation of a new venture capital franchise is a great development for the venture capital ecosystem in Canada.”
The McRock iNFund is dedicated to IoT solutions in large industrial markets, what it terms the Industrial Internet of Things. McRock iNFund has committed to investment across Canada and the U.S., and expects a final fund close later this year, capped at $65 million.