Alchemist Accelerator has raised $2 million from GE Digital to start a new program for industrial IoT startups. Stanford lecturer Timothy Chou, formerly President of Oracle On Demand, will chair Alchemist’s new IIoT accelerator along with GE Digital’s West Coast group.
In the past, enterprise hardware and software startups were seen as capital intensive, with the challenge of long sales cycles. That made them less appealing to early-stage investors. But VC’s at every stage appear more interested in enterprise tech these days as sensors, wearables, robotics and autonomous vehicles are transforming industrial sectors.
Alchemist Accelerator Managing Partner Ravi Belani said, “Industrial applications and next gen internet in industry are exciting right now. Robots and drones get a lot of…