Texas' Industrial Heritage Meets Tech Investment

Heavy industry has long been a cornerstone of the Texas economy, evidenced by the chemical refineries along the Gulf Coast and the oilfields of West Texas.

Currently, a shift is occurring as venture capital, relocating from California, is fueling a new fund that merges Texas’ established industrial base with its burgeoning high-tech sector.

Introducing Ironspring Ventures

Ironspring Ventures has successfully finalized its initial investment fund, securing $61 million approximately two years after initiating its fundraising campaign.

The fund is the result of a collaboration between Adam Bridgman and Peter J. Holt, previously co-founders of Holt Ventures, alongside Ty Findley, formerly an investor with G.E. Ventures and the Pritzker Group.

The Firm's Core Mission

According to Bridgman, the firm’s primary objective is to “accelerate digital adoption across legacy heavy industries.”

Each member of the Ironspring team possesses extensive experience in industrial technologies and strong ties to the Texas economic landscape.

Findley, a managing partner, hails from a family of entrepreneurs who established businesses in East Texas and along the Texas-Louisiana border.

Formation and Partnership

“My involvement began with Peter Holt, my co-founder and managing partner,” explained Bridgman. “This marked the initial step in our pursuit of investing in legacy industries during the early stages of digital innovation.”

“We were fortunate to discover a strong cultural fit and a unique skillset in Ty [Findley]. After co-investing for a period, we developed a strong rapport. We then united our efforts, and the past year-and-a-half has been a rewarding journey culminating in the fund’s formal launch and closure in December.”

Early Investment Focus

The first collaborative investment made by the three partners was in Augmentir, a company offering information and support solutions for remote workforces.

“Our focus consistently returns to the concept of ‘digital industrial’,” stated Findley. “A significant oversight exists where many fail to recognize that manufacturing accounts for a substantial portion of the nation’s GDP.”

Portfolio Companies

To date, Ironspring has invested in four companies:

• Mercado, focused on streamlining the import process.
• Icon Build, developing 3D printing technologies for the construction sector.
• FastRadius, providing design tools and services for prototyping and industrial design.
• GoContractor, a platform for safety and compliance management.

Investment Strategy

The firm’s typical investment ranges from $1 million to $4 million, with an average check size of approximately $2.5 million.

Ironspring is specifically targeting “post-seed” deals, indicating investments in companies beyond the initial seed funding stage.

The firm seeks technologies that are fundamentally changing product design, manufacturing processes, service delivery, and overall operations within a broad spectrum of industrial outputs.

Thematic Investment Approach

“Our strategy centers around these key themes,” Bridgman noted.