From the Gulf Coast to the oilfields of West Texas to the chemical refineries, heavy industry has always been a big part of the economy in the Lone Star State.
Now, venture capital moves to the state as part of the migration from California, a new fund connecting Texas’ industrial past with its high-technology future.
That fund is Ironspring Ventures, which closed its first investment vehicle with $ 61 million, almost two years after starting its fundraising efforts.
Adam Bridgman and Peter J. The fruit of a partnership between Holt, Ty Findlay, a former investment vehicle co-founder and a former investor of GE Ventures and the Pritzker Group, is the firm’s mission to accelerate digital. According to Bridgman, the adoption of inherited heavy industries.
Each member of the Ironspring team has a long history with industrial technologies and deep roots in the Texas economy. Findley, a managing partner, grew up in the middle of “nowhere in East Texas”, but comes from a family of entrepreneurs who built businesses along the Texas and Louisiana border.
“We joined up with our second co-founder and managing partner, Peter Holt,” Bridgman said. It was indeed a step for us to carry forward this comprehensive mission of investing in the legacy industry in the early stage of digital innovation. We were fortunate to have a strong cultural alignment and rare experience with Ty [Findley]. We got to know each other well after co-investing over a period of time. We joined the army and it has been a good journey to launch formally last year and formally close the fund in December. “
The first deal that the three guys made together Augmentir, A service providing information and support for remote workers. “For us ‘digital industrial’ these words have returned everything,” Filey said. “There is this massive gap where people forget that the majority of GDP in this country is manufacturing.”
So far, Ironspring has invested in four portfolio companies Mercado, which is developing a service to improve the import process; A company developing technology for mark manufacturing, 3-D printing equipment and the construction industry; FastRadius, which brings design tools and services to prototype and industrial design; And GoContractor, a security and compliance management service.
According to the firm’s partners, the average size of the firm is around $ 2.5 million and investment will range from $ 1 million to high-end to $ 4 million. This means looking for a firm known as “post-seed” deals.
And this firm is looking for technology that describes how businesses design products, manufacture them and provide services and operate in a wide range of industrial production.
“We’re trying to organize around those topics,” Bridgman said.