Chrysalix Venture Capital announces first close of a $120 million fund for industrial innovation

The Vancouver-based firm Chrysalix Venture Capital has announced the first close for a new $120 million USD fund that will invest in intelligent systems to improve resource-intensive industries. Taking a global outlook, the Chrysalix RoboValley Fund will concentrate on early-stage ventures that are working on “Industry 4.0 applications that improve business processes, resource efficiency and environmental sustainability” for such industries as chemicals, energy and mining. The fund aims to invest in companies that use technologies like AI and IoT to push the world’s energy transition forward. Prominent international investors in the fund include Teck Resources Limited, Mitsubishi Corporation, and Mistletoe Venture Partners Limited, among others. Chrysalix joins a trio of Canadian venture funds that want to raise up to $700 million for clean technology companies, alongside ArcTern Ventures in Toronto and Cycle Capital in Montreal.