Silicon Valley Banks Big on Data Elite, Incubator For Big Data

A cadre of Silicon Valley investors think they've found the Next Big Thing (as in thing where there's lots of money).

It's Big Data.

Data Elite -- backed by a "group of high-flying Silicon Valley investors," according to Reuters -- is a combination incubator and venture fund that's seeking to sink capital into firms that can monetize data mined. But not just any old way.

Managing director Stamos Venios says that Data Elite will invest $150,000 in up to ten companies, which will be chosen beginning in January -- and no fly-by-night start-ups accepted.

That cash will buy a 6 percent stake as well as a convertible note with varying terms in companies that have founders with five years' experience -- or a proven track record of selling start-ups to bigger firms, Reuters reported.

Behind it all are big names: backers include "former Facebook executive Chamath Palihapitya's fund, Social+Capital; Palantir founder Joe Lonsdale's fund, Formation8; angel investor Ron Conway; former Amazon executive Anand Rajaraman; and venture firm Andreessen Horowitz," according to Reuters.

Among the skills in companies these investors will look for are "storage, transfer, and analytics," Reuters said.

So get sifting -- there's money in them thar bits.