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

July 9, 2015, 7:28 PM UTC
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Jay Adelson, chief executive of Digg, in San Francisco on June 26, 2009. Adelson is among Silicon Valley?s Who?s Who -- the entrepreneurs behind tech?s hottest start-ups, and people who can also help shape opinions on a Web site or a gadget. (Noah Berger/The New York Times)
Photograph by Noah Berger — The New York Times/Redux

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) and Digg, and former Dolby Labs (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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