Taiwan-headquartered industrial technology producer Advantech and Switzerland-based venture capital firm Momenta Ventures are raising up to $50m for an investment fund focusing on digital industry technology.
AIoT Ecosystem Fund will target emerging companies based in North America and Europe developing products that combine artificial intelligence and industrial internet-of-things technology.
The fund will invest at series A, series B and growth stage, in companies developing technology products and services for the energy, manufacturing, smart spaces and supply chain sectors. It will be formally launched at the 2021 Advantech Connect Online Partner Conference on February 24.
Momenta will lead investments for the fund while leveraging Advantech’s industrial hardware and software capabilities as well as its presence in the market.
Advantech’s chief executive, KC Liu, said: “Advantech is committed to enabling an intelligent planet. This starts at the industrial edge with early innovators in energy, manufacturing, smart spaces and supply chain management.
“We are committed to funding innovation and are actively cultivating these companies through our global Advantech ecosystem.”