Ferguson, Newport News, VA, has launched Ferguson Ventures, a corporate venture capital and strategic partnering arm focused on innovation and disruption.
Ferguson said it created the venture to address challenges its customers are facing in today’s marketplace, including a shortage of skilled trade professionals and the need for construction productivity. The venture supports three key endeavors:
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.
Emerging Technology–exploring and leveraging technologies to enhance customer and associate experiences through augmented/virtual reality, Internet of Things (IoT), artificial intelligence and machine learning.
In addition to the investment fund, Ferguson Ventures also created an innovation lab, which will explore “industry-changing innovations and oversee pilot programs designed to help Ferguson customers across the country,” the company said.