CAMBRIDGE, England--(BUSINESS WIRE)--Foundries.io, leader in cloud development and deployment solutions for secure IoT and Edge devices, today announced it has raised $8M in Series A funding, led by IQ Capital, with participation from Crane Venture Partners and Backed VC. Foundries.io delivers FoundriesFactory, the world’s first cloud-native solution for embedded technologies that reinvents IoT, and counts tier one OEMs, silicon industry leaders and SoC companies among its customers and partners, including ARM, NXP Semiconductors, MontaVista, STMicroelectronics and WINSYSTEMS.
Led by technology industry pioneers, George Grey and Ian Drew, Foundries.io has developed a transformative, open source platform that provides OEMs and Systems Integrators a common software base to develop, test, deploy, manage and maintain secure IoT and Edge devices through a single cloud-native solution. As a result, companies can – for the first time – ensure the lifetime support of connected devices, unlock innovation, and improve speed-to-market while saving time and money.
The new funding comes on the back of rapid growth since its inception in 2017 and seed round funding in 2019, which has already resulted in significant partnerships and a strong pipeline. The Series A funding will support Foundries.io’s aggressive expansion plans through both talent recruitment and marketing, to bring this platform to further innovative companies around the world.
“The industry needs a new cloud DevOps approach to IoT that’s built from the ground up to reinvent how software is developed and deployed. At Foundries.io, our team’s deep expertise and experience has helped us to reinvent how devices are secured and managed. We believe the latest software is always the most secure and most trusted, so we have created the FoundriesFactory platform to deliver to the embedded industry an easy to use cloud-native solution for secure open source-based software development and management,” said George Grey, CEO of Foundries.io. “OEMs can now couple their hardware innovations to a secure, production-tested base software platform, enabling freedom of choice of enterprise software and cloud providers using containerized applications and services.”
“Foundries.io is leading an industry-wide movement to secure any software running on connected edge devices. The company has created the first truly horizontal, cloud-native, hardware-agnostic operating system and device management platform, enabling OEMs to focus on their applications and services, while being secure in the knowledge that their devices in the field are always kept safe, by using up-to-date software that is fully optimized to their own hardware designs,” said Ed Stacey, Managing Partner at IQ Capital. “Device security is currently a major bottleneck to full IoT adoption – and is likely to remain so while embedded engineering talent continues to be in short supply. With a growing list of global Tier-1 customer advocates, and influential open-source developers supporting its platform, Foundries.io is set to transform the way that Edge devices are designed, delivered and managed.”
“The IoT industry is ripe for a horizontal platform that allows OEMs to own their data and security strategies, without being locked-in. Governments are setting security standards around the world for consumers and enterprise devices that will need to be met. The market is tripling in the next decade for IoT devices and so we are ready for this inflection point,” said Ian Drew, Chairman of Foundries.io.
Foundries.io continues to add global industry leaders and innovators – from tier one OEMs to emerging disruptors – to its roster of partners and customers and will make further announcements later in the year.
Foundries.io helps organizations bring IoT and Edge devices to market faster. The FoundriesFactory software platform reinvents IoT by offering a secure, customizable, Linux-based platform with fleet management services, for the world's connected devices - using a fixed no royalty subscription model. Now, product teams gain enhanced data security while reducing the cost of developing, testing and deploying devices across their installed lifetime. Our open-source platform interfaces to any cloud and offers maximum flexibility for hardware configuration so organizations can focus on what matters: IP, applications and value add. For more information, visit https://foundries.io/
About IQ Capital
IQ Capital is a deeptech venture capital firm based in London and Cambridge that invests in early-stage deeptech businesses which use hard-to-replicate technology in massive global markets – across sectors including software, hardware, materials, health tech and life sciences.
IQ Capital’s 45+ portfolio companies are visionaries and address some of the largest problems in the world to dominate their respective markets on a global scale and grow rapidly to become sector leaders. Our initial investments at Seed and Series A range from £0.5m to £10m, with capacity for follow-on investment up to £30m through our Growth Fund.
The IQ Capital team has achieved over 20 exits, to companies including M&A to Apple, Google, Facebook, Oracle and several IPOs. IQ Capital has led over 30 investments in the last three years in outstanding companies including Thought Machine, Privitar, FNA, Paragraf, causaLens, Neurovalens, Concirrus, Fluidic Analytics, CybSafe, Nyobolt.