Partners to launch and grow up to 30 new software and technology startups over the next three years
• Accelerates development and scaling of new ideas that can transform industrial performance
• Combines Frost’s Big Data expertise and entrepreneurship with GE’s deep understanding of intelligent machines, predictive analytics and industrial operations
SAN RAMON, Calif., June 25, 2014 – GE (NYSE: GE) announced today the launch of Frost I3, a new Industrial Internet incubator with Frost Data Capital to create and grow up to 30 new 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 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.
Stuart Frost, managing partner and CEO of Frost Data Capital, said, “Frost I3 is about empowering global organizations 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.”
Bill Ruh, vice president, GE Software, said, “The Industrial Internet is the next big opportunity for developers and entrepreneurs to drive rapid innovation and industry transformation. 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. We’re excited to expand our Industrial Internet ecosystem and to accelerate industry innovation and capabilities around GE’s Predix platform and Predictivity outcomes.”
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and helping to cure the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com.
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software and analytics, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE’s technical expertise, capital and opportunities for commercialization through GE’s global network of business, customers and partners. GE Ventures is headquartered in Menlo Park, CA. For more information, please visit http://www.ge.com/company/ge-ventures.
About Frost Data Capital
Frost Data Capital is a combined incubator and venture capital firm with a unique approach, designed specifically to capture some of the enormous value that will be created as the “Big Data” revolution unfolds. Based out of Southern California, Frost Data Capital has built an eco-system of innovative start-ups, with deep expertise in big data, entrepreneurialism, advanced technology, analytics, and the Industrial Internet. For more information, please visit our website at www.frostdatacapital.com
Frost Data Capital:
Holly Self, [email protected]