- IoT Edge platform company IOTech Systems Limited announced that it has raised $7.5 million in Series A funding led by Dell Technologies Capital
IoT Edge platform company IOTech Systems Limited announced that it has raised $7.5 million in Series A funding led by Dell Technologies Capital. This round of funding will be used to help accelerate product delivery and build its global sales & marketing team.
And this funding round also includes additional investment from SPDG, (Société anonyme de Participation et De Gestion), the holding company of the Périer-D’Ieteren family, Northstar Ventures and the Scottish Investment bank, the investment arm of Scottish Enterprise.
Launched in April 2017 by industry leaders in Industrial IoT (IIoT), IOTech is known for addressing the full spectrum of secure hard and soft real-time edge computing needs across multiple vertical IIoT market domains with an open-source business execution model aimed at accelerating IoT adoption worldwide.
The company is also going to use the funds to significantly expand channel support and acquisition capability across the U.S., Europe, and APAC. And the company will also accelerate product delivery and extend its professional service offerings particularly to support customer pilots and subsequent production deployment.
“This investment is recognition of the tremendous progress IOTech has made on three fronts: release of ground-breaking software products, the signing of key partners to expand global availability of our products and services, and adoption by customers in a number of critical IIoT vertical markets,” said Keith Steele, founder and CEO at IOTech. “We are excited to continue our partnership with Dell Technologies Capital and their partners in this investment who all share in our vision of the IoT Edge and the great opportunity ahead of us.”
The company proactively supports Linux Foundation’s LF Edge’s EdgeX Foundry project — which has become the market-leading Open Source IoT Edge Platform. Last month, the company surpassed one million global downloads and it is backed by an impressive partner ecosystem including the likes of Intel, ARM, Dell Technologies, HP, and IBM.
“Today’s technology landscape has created tremendous opportunities for key IoT players, like IOTech, to offer secure and disruptive solutions in support of the growing IoT market,” added Gregg Adkin, Managing Director of Dell Technologies Capital. “IOTech is uniquely positioned at the helm of this disruption through its innovative technology and strategic competitive offering. Dell Technologies Capital is confident that the company will continue to leverage our firm’s investment, domain expertise and industry relationships for exponential success.”
IOTech plays a key role in the EdgeX Foundry project. And Keith Steele, IOTech’s CEO, is Chairman of the EdgeX Technical Steering Group and Jim White, IOTech’s recently recruited CTO, is Lead Architect and originator of the EdgeX development.