McRock Capital leads US$10 million financing for ThoughtTrace

20 May 2020

Canadian counsel:

On May 20, 2020, McRock Fund II LP, the latest Industrial Internet of Things (IIoT) venture capital fund managed by McRock Capital, announced that it had led the US$10 million financing in Texas-based ThoughtTrace, Inc. The round included investments from Chevron Technology Ventures and existing investor Altira Group.

ThoughtTrace's AI-powered Document Intelligence platform enables organizations to uncover valuable information buried in contracts and documents in a fraction of the time and cost it would take using traditional review methods.

McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund manager focused on the intersection of sensors and software in large industrial markets and smart cities.

As Canadian counsel, Derek Keay and Shaela Rae of Gowling WLG advised McRock with respect to Canadian fund and securities law matters in connection with the financing.

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