The Raleigh software group is assembling a portfolio of niche B2B tools for warehouses, campuses, laboratories and thrift stores - then betting that patient ownership and shared operating muscle can make small specialists stronger.
The New York and Nashville venture firm hunts for software in places where clipboards, compliance binders and fragmented workflows still run the day. Its portfolio shows a consistent wager: overlooked industries can become unusually durable technology markets.
Baukunst writes the first check, then pulls up a workbench. Its experiment is to make a venture fund behave more like a living studio - one where founders, engineers, designers and operators build in public with one another.

Catherine Kniker began by decoding crashed computers. Now the Irish-born PTC executive is working on a larger systems problem: helping manufacturers connect product data, business strategy and sustainability before the first part reaches the factory floor.
For four decades, PTC has sold the software behind the objects people rarely think of as software projects. Now it is simplifying its portfolio around a bigger bet: that clean, connected product data will become the operating memory for industrial AI.
The 190-year-old industrial group has become the control layer for an electric economy - linking breakers, factories, buildings and AI data centers to the software that decides how power should move.
Emerson spent a century making the machinery of modern life. Now it is assembling something harder to see: the digital nervous system for factories, power grids and process plants.

Tim Zinkl is the CEO and co-founder of Pairio (YC P26), an AI mobile app that helps factory technicians fix broken machines faster. Raised across Brazil, Spain, and China and schooled in the UK and Germany, he built an events business in college, was an early employee at battery-recycling startup tozero, and teamed up with engineer Matthias Wolf - whom he met at a Technical University of Munich entrepreneurship scholarship - to attack the expensive, everyday problem of machine downtime on the factory floor.
Canvas Envision (Canvas GFX) is a Boston-based enterprise software company that turns 3D CAD data, documents and video into interactive, model-based digital work instructions for frontline manufacturing workers. Its cloud platform serves as the visual execution layer of the digital thread, connecting engineering systems (PLM, MES) to the factory floor so assembly, maintenance and repair teams get accurate, up-to-date guidance instead of outdated PDFs and tribal knowledge. Building on 40 years of Canvas graphics heritage, the company serves aerospace, defense, automotive, medical device and industrial machinery manufacturers.
Felux is a Cleveland-based software company building the operating system for the steel industry. Its AI-powered platform reads request-for-quote (RFQ) emails straight out of a sales team's inbox, structures them automatically, and turns fragmented steel sales workflows into a unified dashboard for demand analytics, pricing intelligence, and deal tracking. Paired with a B2B marketplace connecting buyers and suppliers, Felux helps steel service centers, mills, brokers, and manufacturers see the demand they have been missing and modernize a trade that still largely runs on phone calls and spreadsheets.
Chris Turlica is the CEO and Co-Founder of MaintainX, a San Francisco-based industrial operations platform that has raised $254M and reached a $2.5B valuation. A McGill commerce graduate who previously built and sold a consumer messaging startup, Turlica spotted a striking data point while at Deutsche Telekom Capital Partners — 80% of the global workforce is deskless, yet only 1% of enterprise software spend serves them. That insight became MaintainX, which now helps over 11,000 companies manage 11M+ assets and has transformed maintenance teams at companies including ABInBev, Duracell, Marriott, and McDonald's.

Whitney Rockley is the co-founder and managing partner of McRock Capital, Canada's leading venture capital firm focused exclusively on Industrial IoT and digital industrial transformation. With over 25 years in venture capital, she made history as the first woman to chair the Canadian Venture Capital & Private Equity Association (CVCA) in its 43-year history and was appointed to the Order of Canada in December 2025 for her pioneering work in venture capital and championing diversity and inclusion across the industry.