EDINBURGH, Scotland--(BUSINESS WIRE)--IOTech Systems Limited (IOTech), the IoT Edge platform company, today announced a $7.5 million Series A funding round to help accelerate product delivery and build its global sales & marketing team.
Led by Dell Technologies Capital, the round 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.
Founded in April 2017 by industry acknowledged leaders in Industrial IoT (IIoT), IOTech addresses 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 will use the funds raised to significantly expand channel support and acquisition capability across the U.S., Europe and APAC, 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, 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.”
“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,” said Gregg Adkin, Managing Director, 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.”
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 surpassing one million global downloads and backed by an impressive partner ecosystem including the likes of Intel, ARM, Dell Technologies, HP and IBM.
IOTech plays a key role in the EdgeX Foundry project. 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. IOTech is widely regarded as the go-to company for EdgeX-based commercial offerings.
IOTech monetizes EdgeX through complementary product and service offerings, including Edge Xpert, a commercially supported licensed version of EdgeX, which is available on multiple hardware and OS configurations. Edge Xpert supports vendor neutral North (Cloud) and Southbound (Thing) integration. IOTech also recently announced Edge XRT which extends EdgeX with true real-time capabilities. XRT is designed to support software-defined, real-time controllers used in software-defined process automation applications.The company markets its products through global channels and recently announced significant deals with a major system integrator and Dell Technologies to distribute its products. In September 2019, IOTech was onboarded as an Intel IoT Solutions Alliance (ISA) partner. These deals are currently being rolled out but have already led to a significant number of joint customer engagements with Fortune 1000 end users across market domains such as energy, process and discrete manufacturing and retail.
IOTech builds and deploys open and secure software edge platforms for the Industrial Internet of Things (IIoT) helping drive IoT innovation, global market adoption, velocity and scale. The company’s products address the full spectrum of secure hard and soft real-time edge computing needs, dramatically reducing time to market and system integration costs for our partners who are the supply chains to multiple vertical IIoT market domains. We leverage an open source execution strategy to develop our growing global partner ecosystem, achieve pervasive adoption and develop channels for our complementary licensed software products.
About Dell Technologies Capital
The Dell Technologies Capital investment team is comprised of company builders with the mission of helping founders and their teams develop innovative technology solutions and bring them to market. They are active investors, sustaining an investment pace of approximately $100 million a year. As the global investment practice for the Dell Technologies family of businesses (Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream and VMware), Dell Technologies Capital offers deep business and technical expertise and unparalleled go-to-market assistance to our portfolio companies. After operating in stealth for five years, the venture practice emerged publicly in 2017. Headquartered in Palo Alto, Calif., Dell Technologies Capital currently has offices in Boston, Austin and Herzliya, Israel. For more information visit www.delltechnologies.com/capital.
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