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.