An industry 5.0-themed venture fund supported by the EU Commission is attempting to raise $100 million to bankroll fledgling industrial startups, including those based in the EU.
Venture firm Momenta is overseeing the LP subscription process for what will become its fifth funding vintage, in collaboration with the European Commission. The commission set out its own vision for industry's fifth epoch in January 2021.
Momenta's track record includes 100 deals from four funds that helped to digitise industries, for instance through smarter energy usage, manufacturing, intelligence spaces and supply chains.
Industry 5.0 generally refers to next generation smart machines and robots after widescale factory line digitisation, such as IoT sensors, became prevalent in the fourth so-called "industrial revolution"
Besides EU startups, Momenta's Industry 5.0 Fund fund will also seek deals in the EFTA trading area, as well as the UK, US and Canada.
Investees would benefit from access to Momenta's strategic network, and contacts with its earlier industrial data bets including ThingWorx, the leading smart industry connectivity platform, and Senseye, a predictive maintenance tech company owned by Siemens.
Ken Forster, Momenta founding partner, commented: "The launch of the Industry 5.0 fund, our fifth venture capital fund since 2012, expands our focus from digital technologies that drive industry productivity to those that drive societal and environmental impact.
"We will continue to partner with technology companies that advance industry forward, driving economic growth balanced by greater human-centricity and reduced environmental impact."