Energy management and automation technology producer Schneider Electric has supplied $10m for Israel-based venture capital firm Grove Ventures’ $120m second fund, Calcalist reported yesterday.
The oversubscribed fund, Grove II, was closed last week without the firm identifying any limited partners, though its described them as institutional and strategic investors as well as industry leaders.
Founded in 2016, Grove Ventures focuses on early-stage startups in deep technology areas, such as industry 4.0, cloud infrastructure and artificial intelligence, with a particular interest in Israel-based companies looking to expand into Europe and the US.
The firm’s portfolio includes autonomous vehicle sensor developer TriEye, application programming interface marketplace RapidAPI and internet-of-things technology provider Wiliot, all of which are also backed by corporate investors.
Grove II has already invested in two companies, though Grove Ventures has not yet disclosed their identities. It now has $230m under management, having closed its inaugural fund at $110m in 2017.
Dov Moran, managing partner at Grove Ventures, said last week: “We believe the world is on the brink of a revolution that will digitalise sectors such as manufacturing, mobility and healthcare.
“We are looking for sharp entrepreneurs who can solve big problems using great technology to become industry game-changers. We want unique people with a clear vision on how to use these technologies to reshape industries while also having a positive impact on the world.”
