US-based conglomerate General Electric and venture capital firm Frost Data Capital have jointly launched an incubator dubbed Frost I3 that will aim to launch and grow up to 30 new software and technology startups over the next three years.
The companies will each bring their own unique value to the incubator. Frost will supply its dig data expertise and entrepreneurship, while GE will provide startups with its understanding of intelligent machines, predictive analytics and industrial operations.
The selected startups will receive funding from Frost Data Capital and GE Ventures, though precise amounts have not been disclosed, and they will also have access to Frost’s incubator resources and facility in California.
GE will give the companies access to its global network of 5,000 research scientists and 8,000 software professionals. Its operations span across several industries and include transportation, healthcare, energy and finance.