Siemens said it will focus its investments on industrial tech involved with machine automation and new technology related to manufacturing processes. The fund will also go towards previous investments the firm has made.
“As digitization and software are becoming increasingly important for manufacturers to compete in the global marketplace, the Industry of the Future Fund will support Siemens’ ‘Industrie 4.0′ strategy by providing capital to those companies whose innovative technologies and vision have the potential to change the landscape of manufacturing and industrial automation,” said Siemens industry sector CEO Siegfried Russwurm in a statement.
Siemens’ previous investments include funding Montreal startup Lagoa, which produces cloud-based 3-D visualization software, and Boston-based cybersecurity startup CounterTack. Siemens said investments from this new fund will be managed alongside its previous investments.