Siemens’ new US$100 million VC fund backs Canadian start-up
Montreal-based cloud rendering firm, Lagoa, and other disruptive industrial start-ups to share in Siemens' Industry of the Future Fund.0
Siemens’ industry sector and venture capital unit announced the launch of a new
US$100 million Industry of the Future venture capital fund. It is an addition to the company’s existing venture capital funds which typically invest in more mature start-ups. According to the company, the new fund targets young start-ups judged to be either disruptive to existing industrial markets or likely to pioneer new ones.
To date, the Industry of the Future Fund has invested in two companies so far. One was to Boston-based CounterTack which develops next generation cyber security software. The other was in Montreal-based Lagoa, which provides a cloud-based 3D rendering and visualization service. Similar to Autodesk 360 Rendering, Lagoa MultiOptics renderer produces photo-realistic images through path tracing (a more sophisticated form of ray tracing that includes visual effects like soft shadows, depth of field, motion blur, etc. by default). In addition, the service allows for scenes to be shared with and rendered by design collaborators.
“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 and Member of the Managing Board of Siemens AG.