The money keeps rolling into the IoT from every side, and the newest recipients are the edge computing specialists at FogHorn Systems, based in Mountain View, CA, having raised $12 million in its recently closed Series A.
FogHorn builds software for industrial and commercial IoT applications, and in its announcement this morning, said that the round was lead by March Capital and GE Ventures. Additional funding was provided by Robert Bosch Venture Capital GmbH, Yokogawa Electric (News - Alert) Corporation and Darling Ventures. The company also converted $2.5 million of initial seed capital provided by March Capital and The Hive, the Palo Alto (News - Alert)-based AI and big data studio that co-created FogHorn.
FogHorn is at the forefront of edge tech for industrial and commercial IoT applications. Its fog computing software platform is an enabler of real-time analytics and machine learning models.
“This is the largest initial round of funding raised by a Silicon Valley startup focused on IoT edge analytics and fog computing,” said David C. King, CEO, FogHorn. “Our investors include major strategic players in the Industrial IoT sector with participation from global leaders based in North America, Europe and the Asia Pacific region. In addition to welcoming these companies as strategic investment partners, we will work with each of them to develop breakthrough IoT solutions for their industrial and commercial customers.”
FogHorn says its technology enables high-performance edge processing, real-time analytics and heterogeneous machine learning applications, designed to be hosted as closely as possible to the source of operations technology (OT) machine data.
“The Industrial Internet enables organizations to leverage and act on analytic insights from their machines, equipment, and operations. Realizing this vision requires distributed edge-to-cloud computing and machine learning, and we are excited to have leading technology innovators like FogHorn as part of our Predix ecosystem,” said Michael Dolbec, head of ventures and business development, GE Digital.
Industry sectors where this high-performance, real-time edge analytics technology can unlock billions of dollars in economic value include manufacturing, power and water utilities, oil and gas production, mining, renewable energy, transportation and health care, as well as smart grids, smart cities, smart buildings and connected vehicles. The vast amount of data produced every day by the machines in these settings dictates the use of an edge-centric computing paradigm that not only minimizes bandwidth costs but also addresses latency, reliability, security and privacy issues.
Don’t cry for FogHorn.
Edited by Alicia Young