GE today announced Frost I3, a new Industrial Internet incubator in association with Frost Data Capital to grow up to 30 startups in 3 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.
GE and Frost I3 will identify ideas for the startups based on the needs of their shared customers.
Also read: AT&T, Cisco, GE, IBM and Intel form Industrial Internet Consortium
Frost Data Capital and GE Ventures will offer funding to startups. They can also utilize Frost’s incubator resources and facility in Southern California. They will also gain access to GE’s network of 5,000 research scientists and 8,000 software professionals across industries including transportation, healthcare, energy and finance.
Bill Ruh, vice president, GE Software, said, “Industrial Internet is the next big opportunity for developers and entrepreneurs to drive rapid innovation and industry transformation. Our collaboration on Frost I3 presents an opportunity for new startups to establish their leadership position by gaining access to the right domain knowledge and next-generation technology.”