US-based venture capital firm Formation 8 has surpassed the $100m target for the corporate-backed hardware fund it is raising and is aiming for a higher close, Dow Jones VentureWire reported yesterday.
Formation 8 has already secured supply chain services provider Flextronics as a limited partner for the fund, which follows two general funds raised by the firm since it was founded in 2011.
Lior Susan, who joined Formation 8 in January this year as a partner, is running the fund. Susan told VentureWire of the development but did not disclose the hardware fund’s final target.
The news comes as the fund made its first publicised investment, leading a $7m series A round for US-based predictive machine diagnostics company Augury, investing alongside Pritzker Group Venture Capital, First Round Capital and Lerer Hippeau Ventures.