California, June 25, 2014: GE announced today the launch of Industrial Internet incubator with incubator cum venture capital firm Frost Data Capital called Frost I3(http://www.frosti3.com/). The aim is to create and grow up to 30 startups over the next three years.
The incubator will provide funding, resources and expertise to launch companies focused on industrial technologies and solutions that accelerate the advancement of intelligent machines, predictive and contextual analytics, and new workforce mobility tools.
A press release by GE said a combined team of GE executives and the Frost I3 leadership will identify ideas for the startups based on the needs of their shared customers. Startups will receive funding from Frost Data Capital and GE Ventures, as well as use of Frost’s incubator resources and facility in Southern California. They will also gain access to GE’s global network of 5,000 research scientists and 8,000 software professionals across industries including transportation, healthcare, energy and finance.
According to Stuart Frost, Managing Partner and Chief Executive of Frost Data Capital, “Frost I3 is about empowering global organisations to become smarter through innovation. Working with strategic partners like GE, which is a founding member of Frost I3, we are co-investing both time and money to create in-demand companies, and then scaling these new companies in an accelerated and highly effective incubation process. This means our partners will no longer seek out companies to fill strategic gaps or struggle with build vs buy decisions.
“Instead, they can immediately track progress on a concept they have been involved in from the start, build confidence in a proven management team, and then make an acquisition at the right time, with the right technology that will fit their environment. This results in an all-around win for our partners, the company, the investors, and ultimately our shared customers. What we are looking at, perhaps for the first time, is a scalable model of predictable, repeatable innovation.”
GE Software top honchos said the decision to launch the incubator was because the Industrial Internet was the next big opportunity for developers and entrepreneurs to drive rapid innovation and industry transformation.
Image Credit: Frost I3
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