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

Jay Adelson and Andy Smith want to invest in the Internet’s “third wave.”

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 EQIX 1.22% and Digg, and former Dolby Labs DLB -0.24% 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.

via Digg co-founder raising $50 million for Internet of things fund – Fortune.