- Machfu, a leader in Edge Intelligence Platform and Applications for the Industrial Internet of Things (IIoT), announced it raised $3.75 million in Series A funding
Machfu — a leader in Edge Intelligence Platform and Applications for the Industrial Internet of Things (IIoT) — announced it has raised $3.75 million in a Series A round of funding. This investment round was led by CSL Ventures with participation from existing and new investors Blu Ventures, Texas Ventures and Texas Halo Fund. With this round of funding, Machfu plans to accelerate its successes in Smart Grid and Oil & Gas markets along with expanding its footprint in the industrial space.
And Machfu has developed products and services for the Industrial Internet-of-Things (IIoT) market that let customers focus on their core strengths, including operations, efficiency and new business models. Plus the products and services provide ready end-to-end integration between legacy assets and sensors and cloud or legacy head-end systems.
“The big problems impeding the growth of IIoT are security and the sheer variety of legacy protocols, wireless and wireline interfaces and we have solved that problem,” said Machfu founder and CEO Prakash Chakravarthi.
The ease and speed of new application development coupled with advanced security and standards-based network connectivity positions the company to capitalize on a large emerging opportunity conservatively predicted to exceed $20 billion annually by 2025.
“Machfu is an exciting company founded by seasoned professionals with deep knowledge of embedded systems, IoT, customer pain points and the barriers to scaling,” added CSL Capital Management Vice President Abhinav Jain who joined Machfu’s Board. “We are excited to be a part of this journey and we are truly impressed by the quality of the management team and the unique product offering.”