Three venture firms have come together to establish OpenIncubate, a program that seeks to fund teams that are utilizing open source IT to change the IT infrastructure. Battery Ventures, Austin Ventures and The Valley Fund have all made their commitments to back-up the newly launched accelerator program.

OpenIncubate offers seed funding, membership to admiited teams as well work space to qualified teams of entrepreneurs or companies. To be eligible for the deal, the teams or companies must be sotware-as-a-service, software, and/or hardware-oriented. They should also use open source frameworks, which seeks to build and refine the idea of software-defined data center. This should be in parts of innovation such as software, hardware and networking.

"The Open Compute Foundation is thrilled to see these three great firms join forces to help accelerate the pace of innovation in this industry," Cole Crawford, Open Compute Foundation's Chief Operating Officer and OpenIncubate Austin branch advisor, said.

"The fact that OpenIncubate came together so quickly and so organically is a testament to the profound impact that open source is already having on the hardware industry. We can't wait to see all the great ideas and great entrepreneurs that will emerge from this program," Crawford said.