McRock Capital Research
Investment Thesis
McRock Capital is a Toronto-based venture capital firm founded in 2012 by Scott MacDonald and Whitney Rockley with a singular focus: the Industrial Internet of Things (IIoT) and, more recently, Industrial AI. McRock was one of the first dedicated IIoT-focused venture funds in the world, and over more than a decade has built deep pattern recognition in how sensors, connectivity, edge compute, and now agentic AI transform physical-economy industries such as manufacturing, oil & gas, mining, logistics, and city infrastructure. The firm's current thesis centers on "digital agents" -- software that does not just analyze operational data but actively participates in operations alongside engineers and operators, surfacing insights, anticipating failures, and making decisions in real time. McRock explicitly distinguishes this from consumer AI or chat-interface AI, framing its focus as AI embedded in the operational fabric of companies that make, move, and power the physical world.
Sector Focus
McRock invests almost exclusively in Digital Industrial / Industrial AI companies, with recurring patterns across:
- Industrial software and workflow automation for manufacturers (procurement, MES, documentation)
- Robotics and automation (warehouse/logistics robotics, inspection drones, cobots)
- Industrial cybersecurity, especially Zero Trust architectures for OT/cellular networks
- Digital twins, reality capture, and geospatial/structural monitoring
- Micromobility and connected transportation infrastructure
- Precision agriculture / AgTech software
- Workplace and worksite safety technology (connected worker platforms)
Stage Focus
McRock has historically invested from seed through growth-stage rounds, typically as a lead or co-lead investor. Recent activity (Axya's $17M Series A in 2026, Foundation EGI's $23M Series A in 2025, Triax's $12.5M Series A in 2021) shows a clear pattern of leading Series A rounds, while also making earlier bets (Prevu3D, Samdesk) that closer resemble seed-to-Series-A stage.
Check Size
Publicly reported aggregator data suggests a check size range of roughly $1M to $20M+, consistent with McRock's role leading multi-million-dollar Series A rounds while also writing smaller initial checks and reserving capital for follow-ons across a ~13-year, three-fund history.
Lead Tendency
McRock frequently leads or co-leads its investments. It led Axya's $17M Series A (2026) and Triax's $12.5M Series A (2021), and describes itself publicly as bringing "expertise, energy, support and commitment" as a hands-on, board-engaged investor across its portfolio.
Recent Activity
McRock closed its third and largest fund, McRock Fund III, at over C$120M in January 2026 (after an initial close in June 2024), bringing total assets under management to roughly C$300M. In September 2026, McRock led a C$17M ($17M CAD) financing for Axya, a Quebec-based AI-native procurement platform for manufacturers, alongside Yamaha Motor Ventures. In December 2025, co-founder Whitney Rockley was appointed to the Order of Canada, one of the country's highest civilian honours, for her contributions to Canadian venture capital and diversity advocacy.
Portfolio Highlights
McRock's current portfolio spans AI-native procurement (Axya), engineering-focused AI spun out of MIT (Foundation EGI), Zero Trust cellular network security (OneLayer), digital twins (Prevu3D), crisis/disruption monitoring (Samdesk), enterprise MLOps (LandingAI), connected-worker safety (Triax), frontline manufacturing operations software (Poka), robotics for logistics (Plus One Robotics), micromobility (Dott), and Human-Machine Interface / smart surfaces (e2ip). Notable realized exits include mnubo (Industrial IoT/AI analytics, acquired by AspenTech in 2019 for $102M CAD), ThoughtTrace (AI contract analysis, acquired by Thomson Reuters in 2022), and Poka (connected-worker platform, acquired by IFS in 2023 in a reported $200M deal). Earlier-fund exits referenced by the team include RtTech (acquired by AspenTech and Vinci Energies), Decisive Farming (acquired by Telus), Pure Technologies (acquired by Xylem), RuggedCom (acquired by Siemens), and Silicon Energy (acquired by Itron).
Team
- Scott MacDonald, Co-Founder & Managing Partner -- co-founded McRock in 2012; board seats at e2ip (Chair), Landing AI, Worldsensing, Invixium; former Partner at a Zurich VC firm and Managing Director at Ontario Power Generation's VC arm.
- Whitney Rockley, Co-Founder & Managing Partner -- co-founded McRock in 2012; first female Chair of the CVCA; Order of Canada appointee (2025); board seats at Samdesk (Chair), Praemo (Chair), Invixium, Miovision, Clearpath, Plus One Robotics.
- Ha Nguyen, Partner -- board observer at Samdesk, Landing AI, Plus One Robotics, Praemo; prior experience at IDG Ventures and MAJ Invest in Vietnam.
- Udit Bhatnagar, Partner -- board observer at SkySpecs, Prevu3D, Landing AI, Worldsensing, Invixium; prior fellow at IE Business School's Center for Entrepreneurship.
- Mike Dawson, Vice President -- former P&C engineer and SaaS operator; McMaster University engineering/finance grad.
- Susan Malik, Head of Finance & Operations -- CPA, CA; oversees financial and operational infrastructure for the firm.
- Mickey Mi, Associate -- prior impact investing and Asian VC experience; EdTech founder.
- Pritish Sehgal, Associate -- prior early-stage SaaS investing at IAN Group and Faber Capital PE.
- Fasih Kareem, Associate -- 9+ years in investments and financial modelling across healthcare tech and VC.
Decision Process
McRock operates as a multi-partner partnership (two Co-Founder/Managing Partners plus two additional Partners), suggesting a partnership-style investment committee rather than a solo-GP structure.
Founder Preferences
McRock's own tagline -- "We don't invest in companies. We invest in people." -- and its board-heavy involvement pattern (Chair or Observer seats on nearly every active portfolio company) indicate a strong preference for founders who welcome close operational partnership, particularly technical or industry-domain founders tackling physical-economy problems.
Geographic Focus
McRock is headquartered in Toronto with a second office in Calgary, and invests primarily across Canada and the United States, with selective international investments (e.g., OneLayer, headquartered in Tel Aviv and Boston; Dott, headquartered in Amsterdam).