US-based IoT infrastructure provider, The Fabric, has raised its third dedicated pool of capital - US$20 million - to invest in early stage cloud infrastructure companies that it co-creates with entrepreneurs.
Preceded by Fabric 1 and Fabric 2, its third pool of capital, Fabric 3, has already closed US$15 million with initial investment from Verizon Ventures and March Capital Partners, with the remaining to close by the end of April.
This will bring the company’s total investment raised to US$41 million for the creation and development of cloud and IoT infrastructure companies.
Rajan Raghavan, CEO of The Fabric, said: “The Fabric was launched to fundamentally change infrastructure to be cloud delivered. In the last five years, we have created several successful cloud and IoT infrastructure companies to fulfill that premise. With Fabric 3, we are looking to build on that track record and extend the innovation to new horizons such as edge-cloud and IoT mobility.”
{loadposition peter}Vijay Doradla, Director, Verizon Ventures said the company looked forward to working with The Fabric team to bring innovations to Verizon strategic initiatives, such as 5G, IoT, blockchain, and next-generation networking infrastructure.