Early stage companies targeted in the agriculture, construction, geospatial and transportation industries.
The fund, called Trimble Ventures, focuses on companies “with the potential for technology-enabled innovation and disruption in the digital transformation of the industries Trimble serves,” the company said.
Trimble said that it offers the selected companies hands-on expertise, including access to customers, markets and distribution. Trimble’s Rob Antevy and Phil Sawarynski will be the fund’s managing directors, according to the company’s website.
The fund will invest in early and growth-stage companies in artificial intelligence; augmented, virtual and mixed reality; autonomy and robotics; blockchain; Internet of Things (IoT); analytics; and sustainability, the company said.
Rob Painter, company president and CEO, said that the new partners can help “extend Trimble’s platforms to better serve our collective customers.”
Painter said that the company exceeded its financial expectations during a second quarter earnings call. “We achieved record levels of revenue in many of our businesses, with exceptionally strong performance in machine control in civil construction, guidance in agriculture and survey in mapping,” he said.