Ferguson Launches Corporate Venture Capital Fund for Industry Innovation
NEWPORT NEWS, Va. — Ferguson Enterprises announced the launch of Ferguson Ventures, the company’s Corporate Venture Capital (CVC) and strategic partnering arm focused on innovation and disruption. This week, it formalized its first strategic partnership with GTP Services, a software provider in the construction industry.
Ferguson recognizes its customers are currently facing unprecedented challenges with the shortage of skill trade professionals and the need for construction productivity. Ferguson Ventures was created to help discover, invest in, and partner with companies and start-ups to accelerate the use of emerging technologies to help solve these industry problems. Specifically, it supports endeavors that include:
- Connected ecosystems — seeking opportunities to replace, enable, or create processes that will streamline and strengthen value chains across the industry;
- Digital experiences — creating a best-in-class customer experience with industry leading content; and
- Emerging technology — exploring and leveraging technologies to enhance customer and associate experiences through augmented/virtual reality, IoT, artificial intelligence, and machine learning.
In addition to the investment fund, Ferguson Ventures also created an innovation lab. The purpose of the lab is to explore industry-changing innovations and oversee pilot programs designed to help Ferguson customers across the country.
Ferguson Ventures has formed a strategic partnership with GTP Services, a company that provides software, hardware and services that extends Building Information Modeling (BIM) capabilities from the office to the fabrication shop and to the jobsite for all construction trade contractors. GTP Services recently developed STRATUS, a cloud solution designed to assist mechanical, electrical, and plumbing trades professionals (MEP) develop workflow solutions for the construction of their jobs. STRATUS offers users an intuitive tool they can use to plan, collaborate, order, fabricate and track jobs with lean construction methodologies.
“The primary goal of Ferguson Ventures and every investment we make is to help our customers succeed in today’s ever-changing marketplace and to be better prepared for tomorrows,” said Kevin Barnes, vice president and managing director of Ferguson Ventures. “We are excited about our first strategic partnership with GTP — a company doing great things around BIM technology and other cloud solutions.”
Publication date: 8/29/2018