Not all heroes wear capes—some super-charge ecosystems.

That’s exactly what Ha Nguyen has been doing as a Partner at McRock Capital, Advisory Board Member of Migr8, and now, the 2024 Ecosystem Supporter of the Year by Start Alberta. It’s the Oscars of Alberta tech (minus the red carpet, plus innovation).

And no one deserves it more. Ha isn’t just part of Alberta’s tech scene—she’s a driving force behind its success. Since moving to Alberta seven years ago, she’s been helping startups, scale-ups, and immigrant entrepreneurs thrive. As she puts it, “I wanted to create a system to welcome brilliant entrepreneurs from all over the world, making them feel valued and supported, just as I have felt since coming here.”

That vision became Migr8, a powerhouse initiative with two sides: Migr8 Capital, a venture fund, and Migr8+, a nonprofit supporting immigrant entrepreneurs with resources and community. Think of it as a launchpad for innovators—because sometimes grit needs a little lift.

Ha’s impact doesn’t stop there. She’s a bridge-builder, connecting newcomers to Alberta’s dynamic tech network, from Evolve Lab to Edmonton Unlimited. The result? A stronger, more diverse innovation community where collaboration drives resilience.

Ha’s story mirrors Alberta’s spirit: bold, collaborative, and relentlessly forward-thinking. Her work is proof that diversity fuels innovation and inclusion strengthens everyone.

What’s next for Ha? Probably more groundbreaking initiatives and another well-deserved accolade. In the meantime, check out this video to see why Ha’s influence is extraordinary: Watch Here.

Here’s to Ha—breaking barriers, raising the bar, and making Alberta’s tech community stronger every day.

Our latest Fund secures top tier institutional investors to focus on the growth of the Industrial Software sector

We’ve been diving deep into the world of Digital Industrial since McRock first opened its doors more than a decade ago. And guess what? Our expertise is paying off, and wow, does it ever feel good!

At the 11^th annual McRock Digital Industrial Symposium today, our co-founders Whitney Rockley and Scott MacDonald announced the first closing of McRock Fund III with US $81 million in commitments. Fund III will focus on industrial software.

McRock Fund III investors include longtime partners Export Development Canada, BDC Capital, Alberta Enterprise Corporation, Fonds de solidarité FTQ and Aspen Technology, Inc., plus newcomers Venture Ontario, Bell Ventures and CIBC Innovation Banking.

We’re far from done

Digital Industrial technologies help operations run better, faster, cheaper, safer and greener. Add AI into the mix, and the Digital Industrial Revolution is picking up speed so fast it can feel like we’re going to run out of runway!

We’ve been paying attention to industrial software for quite a while, and that part of our portfolio has already been rocking and rolling. From former portfolio companies mnubo (acquired by AspenTech in 2019), Decisive Farming (Telus, 2019), ThoughtTrace (Thomson Reuters, 2022) and Poka (IFS, 2023) to active companies like Landing AI, Samdesk and our newest investment, Prevu3D.

“The next frontier in software is industrial,” notes Whitney. “The sector, supercharged by rapid AI advancements, is a highly promising area of growth. AI-enabled software’s ability to boost productivity and efficiency in industrial and smart city applications is seriously exciting.”

“We’ve always been clear that digital industrial solutions play an essential role in a sustainable future,” says Scott. “Our investors clearly agree, and we appreciate their confidence at this pivotal moment for McRock Capital and the incredible entrepreneurs we back.”

Now…let’s get McRock’n!

Montreal disruptors are reimagining the industrial environment by creating 3D digital replicas of real-world assets

Our latest investment is breaking the mold and changing the Digital Twin category with some downright cool innovations to help businesses take their first steps into the industrial metaverse. We’re excited to welcome Montreal-based Prevu3D to our portfolio!

Prevu3D offers a comprehensive platform designed to unlock the limitless potential of 3D technology for industries. Their innovative software seamlessly ingests reality capture data and connects real-world assets, data and personnel, enabling efficient management of industrial installations. Think heavy machinery, production lines, facilities, loading bays, etc. – exactly where we like to play. With Prevu3D, the future of industrial operations is where technology and efficiency converge. Their solution ensures precise documentation of industrial infrastructure and significantly enhances communication among stakeholders, mitigating risks and minimizing delays in engineering projects.

Our investment and expertise will assist Prevu3D scale its operations. We’ve been investing and believing in Industrial Software since we launched the firm in 2012. The successes of our first decade stem from applying our deep expertise and can-do attitude to nurture several high-potential industrial SaaS companies from basement startups into international success stories. Companies like Prevu3D don’t come along every day. This kind of innovation will continue to accelerate the Digital Industrial Revolution – with the right support.

“We’ve seen what McRock Capital has done for other Industrial Software companies, and we’re excited to access their growth capital and expertise as we scale our business,” says Nicolas Morency, Prevu3D Founder and CEO.

Curious about how they apply this tech in real life? We were too.

General Mills is an example of how Prevu3D can help customers manage their engineering projects safely, on schedule and within budget. Their engineering team used Prevu3D to create an accurate 3D model of their St-Hyacinthe plant, replacing outdated 2D plans. This digital replica enabled detailed site analysis without on-site visits, reducing safety risks and accelerating planning. Prevu3D’s RealityPlatform provided a comprehensive understanding of the site, streamlining engineering workflows and enhancing design efficiency. The software’s seamless integration required no specialized hardware and ran on standard computers, supported by initial training and ongoing customer success assistance. General Mills was able to advance their engineering project swiftly, maximizing the potential of 3D technology and improving value creation across their operations.

Eager to learn more? Check out this video about Prevu3D.

Visual AI is the Next Frontier

The potential applications for AI are limitless. It’s no longer just a tool for high tech industries, though we know all about that. Just look at how it’s made its way into the mainstream. And the next big opportunity in the application of AI is visual. About 90% of data is unstructured, and much of it is visual content, like images and videos.

Andrew Ng and Landing AI are leading the charge. Again. Is anyone surprised?

We’re not – that’s why we’ve partnered with Snowflake Ventures to further invest growth capital in our portfolio company Landing AI’s computer vision capabilities. This significant partnership will enable customers to leverage Landing AI’s capabilities natively on Snowflake via Snowpark Container Services and Snowflake Native Apps to create powerful, customer-built computer vision solutions that process images and videos at scale, all within the secure, governed boundary of the data cloud.

Landing AI sees the value in using large vision models (LVMs) to process and interpret the terabytes of visual data generated every year. And we see the value their intuitive software platform brings to enterprises that leverage generative AI technology for computer vision to innovate.

Think quality inspection, robotic assembly, and defect detection in manufacturing. Drug discovery, medication inspection, and cell analysis in the pharma industry. Automated checkouts and shelf inventory checks in retail. And that’s just for starters.

We can’t wait to see what’s next for this powerful partnership!

We’ve got big news! Today we are launching the McRock Industrial Software Index—a one-of-a-kind industry tool to track the performance of companies providing software-powered solutions to industrial sectors. Surprised?

You were probably expecting to hear about another big deal closing. Or a new company we’ve added to our portfolio. While that work never stops at McRock, we’ve also been busy watching the landscape for important trends, especially the ones that reveal the greatest opportunities for value creation. If you didn’t already know it, Industrial Software is the place to be, now more than ever before. (We wrote about it the other day.) And we believe the Index will confirm it.

The Industrial Software space is a vibrant arena characterized by a dynamic interplay of competition and collaboration among various players. Notably, established Industrial Software Providers and Emerging Tech Companies play pivotal roles in shaping this landscape. The McRock Industrial Software Index focuses on publicly listed companies within these categories, serving as a benchmark for understanding industry dynamics.

There are 25 companies on the Index with a combined market cap of more than $500B:

• They are growing an average of ~23% year-over-year
• EV/Annual Revenue is tracking to over 10x
• EV/Annual EBITDA is tracking to over 46x

The industry has experienced remarkable growth; at its inception in 2012, there were only 15 companies with a total market capitalization of just over $70 billion. Since that time, an additional 10 publicly traded companies have joined the list and have pushed the total market capitalization by five times to more than $500 billion.

We’ve invested a lot to create this Index. But more than anything, it is the product of the extensive expertise and experience of the McRock team and a testament to the leadership and insight behind our investments in software-enabled solutions for industrial sectors for the past three decades.

Why share the Index now?

McRock has consistently embraced the transformative potential of digital advancements within traditional industrial markets. It’s why we founded the firm. Big industries are undergoing rapid evolution and witnessing promising growth, owing to software’s capacity to yield substantial value through digital transformation. That’s not a surprise to anyone. But despite the widespread adoption of software tools in consumer and enterprise markets over the past decade, industrial sectors were initially slow to embrace digital strategies. This trend is now shifting, and software tools are positioned to play a pivotal role in ushering in a future marked by enhanced efficiency and productivity. The gap in software-driven technological solutions in industrial sectors is finally closing. Hallelujah!

Several factors contribute to the ongoing surge in software adoption across asset-intensive and legacy industries. First, the exponential increase in data volume plays a pivotal role, as formerly unconnected assets join the online sphere, and processes undergo digitization and automation. Next, the escalating trend of virtualization of hardware, driven by technological advancements and considerations related to budget and procurement, serves as another significant catalyst. Lastly, the current trajectory of software development is marked by increasing intelligence and seamless integration, making deployment more straightforward and cost-effective than ever before. In essence, the convergence of these factors propels the continuous evolution of software applications within diverse industrial landscapes.

Although historical performance does not guarantee future outcomes (you knew that would be worked in here eventually, right?) the Industrial Software sector is well positioned to continue its growth trajectory.

We appreciate the opportunity to be a part of this continuously expanding community, and we are enthusiastically committed to offering this benchmark for the growing Industrial Software sector. Over time we will incorporate more companies into this Index as our landscape scouring and trend monitoring continues. In the meantime, grab some popcorn and watch it with us. We can’t wait to see what happens next.