Digg co-founder raising $50 million for Internet of things fund

All the cool kids are playing in the IoT space. Welcome.

Fortune

Center Electric, a new venture capital firm focused on the Internet of things, is seeking to raise $50 million for its debut fund (with a $75 million hard cap), Fortune has learned from prospective investors.

The Silicon Valley-based firm was formed by Jay Adelson, co-founder of Equinix [fortune-stock symbol=”EQIX”] and Digg, and former Dolby Labs [fortune-stock symbol=”DLB”] executive Andy Smith. It plans to back early-stage companies involved in producing the “underlying infrastructure needed to support IoT as well as the hardware that takes advantage of it.”

So far, Center Electric lists 11 portfolio companies, including August, ParkiFi and Paperspace.

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