IOTech Secures $2.5M Seed Funding to Accelerate the Delivery of IoT Edge Technology
NEWCASTLE UPON TYNE, England--(BUSINESS WIRE)--Jun 12, 2018--IOTech, the IoT Edge Platform company, announced today that the company has secured $2.5 million in seed funding to accelerate the development of its products and services, enhance support for its partner ecosystem and expand its local presence. Dell Technologies Capital is an investor and Innovate UK is providing R&D funding.
Founded by industry-acknowledged leaders in the Industrial IoT (IIoT) domain, IOTech’s products address a full spectrum of secure hard and soft real-time edge computing needs across multiple vertical IIoT market domains. Edge computing is widely viewed as having a pivotal strategic role in the $195 billion Industrial IoT market1 and this seed capital financing positions IOTech to further enhance its industry leading position as a premier provider of IoT Edge Platform technology.
The company is leveraging an open source strategy based on the Linux Foundation’s EdgeX Foundry ™ project to accelerate growth of a global partner ecosystem and dramatically increase deployment velocity of IoT systems by reducing custom systems integration. The EdgeX project is aligned around a common goal – the simplification and standardization of the foundation for edge computing architectures in the IoT market – and has gained significant market traction since its launch 12 months ago.
IOTech’s first offer – Edge Xpert – supports the rapidly growing global EdgeX developer community and partner ecosystem by providing a vendor-neutral fully commercialized version of the EdgeX code base. This licensed offering will be available on multiple hardware and OS combinations with regular software upgrades and various support and maintenance options. Complementary professional service offerings will include training, POC support, custom product extensions and third party product integrations.
Additionally, IOTech is extending foundational elements of the EdgeX interoperability framework to support secure real-time edge-based systems for highly-specialized and challenging environments. Edge XRT is the first IoT platform benefitting from an open ecosystem but designed to meet the needs of industrial edge applications faced with one or more of the following key challenges: deployable on CPU and memory-constrained embedded microcontrollers; latency and response times measured in microseconds; requirements for predictable “hard real-time” processing and execution.
With this funding, IOTech plans to hire across all functional areas of the business with an emphasis on software development, engineering and professional services. See http://www.iotechsys.com/about-us/careers/ for more information.
“This investment is validation that IOTech is providing and developing groundbreaking technology at the network edge for Industrial IoT systems,” said Keith Steele, Founder and CEO at IOTech. “We are ecstatic to partner with a great investor who shares our vision of the IoT Edge and who are uniquely positioned to help us realize that future today.”
“Dell Technologies Capital’s investment, domain expertise and industry relationships will help IOTech continue to grow its business and drive IoT innovation by bringing more open and secure IIoT solutions to customers worldwide,” said Gregg Adkin, Managing Director, Dell Technologies Capital.
“We support IOTech’s vendor-neutral commercialization of the EdgeX Foundry code base.” said Jason Shepherd, IoT CTO, Dell Technologies. “With Edge Xpert end users can opt to take advantage of the growing ecosystem without having to support the baseline open source framework themselves. This allows them to focus their investments in preferred areas of differentiation. Further, Edge XRT is a game changer for enabling open, real-time solutions.”
Newcastle-based 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.
EdgeX Foundry™ is the copyright of Linux Foundation. All other trademarks are the property of their respective owners.
1 According to MarketsandMarkets research report “Industrial IoT Market by Device & Technology, Software, Vertical and Geography – Global Forecast to 2022” the IIoT market is expected to grow from USD $113.71 Billion in 2015 to reach USD $195.47 Billion by 2022, at a CGR of 7.89% between 2016 and 2022.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180612005692/en/
Tel: +44 7703 006379
KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: TECHNOLOGY HARDWARE INTERNET NETWORKS SOFTWARE PROFESSIONAL SERVICES FINANCE OTHER PROFESSIONAL SERVICES
Copyright Business Wire 2018.
PUB: 06/12/2018 08:00 AM/DISC: 06/12/2018 08:01 AM