Proving the Business Case for the Internet of Things

GE and Frost launch industrial internet incubator

Iain Morris
July 3, 2014
 
GE has teamed up with venture capital firm Frost Data Capital on the launch of a new startup incubator aimed at advancing what GE terms the industrial internet.

The partners say their plan is to create and grow up to 30 new startups over the next three years, promising to provide funding, resources and expertise to companies focused on developing intelligent machines, predictive and contextual analytics and new workforce mobility tools.

The incubator will be called Frost I3 and will draw on ideas from a group of GE (Fairfield, CT, USA) executives, besides its own leadership team, based on customer needs.

GE says startups will receive funding from Frost Data Capital (San Juan Capistrano, CA, USA) and GE Ventures – GE’s venture capital arm – and also be able to use Frost’s incubator resources and facility in Southern California.

They will also have access to GE’s global network of 5,000 research scientists and 8,000 software professionals in industries including transportation, healthcare, energy and finance.

“Frost I3 is about empowering global organizations to become smarter through innovation,” said Stuart Frost, managing partner and chief executive of Frost Data Capital. “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.”

Frost said that partners would have the advantage of being able to immediately track progress on a concept they have been involved in from the start, instead of having to seek out companies to fill strategic gaps or struggle with build-versus-buy decisions.

“The industrial internet is the next big opportunity for developers and entrepreneurs to drive rapid innovation and industry transformation,” said Bill Ruh, the vice president of GE Software. “Our collaboration on Frost I3 presents a significant opportunity for new startups to establish their leadership position by gaining access to the right domain knowledge and next-generation technology.”
 
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