IoTium raises $13.6 million in series B funding to push forward 'zero touch' for IIoT
IoTium, a Santa Clara-based software provider for the Industrial Internet of Things (IIoT), has raised $13.6 million in series B funding to help fuel market expansion in the US and abroad.
The company, which provides a managed secure network infrastructure for the IIoT, has secured funding led by March Capital Partners, with Honeywell Ventures, JC2 Ventures, Hanna Ventures, GE Ventures and Jupiter Ventures also participating.
The company's ethos is around 'zero touch' - in other words, the ability to scale to thousands of sites in hard to reach locations, such as sensors on an oil and gas pipeline. Regular readers of this publication will be aware of the company after its network as a service (NaaS) launch in May last year. As IoT News put it last year, deployment is solved from both a geographical and network perspective - "no more toing and froing between enterprise IT, operators and firewalls."
At the time, Ron Victor, CEO of IoTium, explained that the goal was to 'let the legacy machine world know' about its strategy. "Everyone from Bosch, GE, Schindler, Rockwell," he said, "all these guys and the Fortune 1000 in that space are either going to have to build an in-house team that has to do routing, networking and security and make a cost centre to be able to connect all the millions of legacy assets out to the cloud - or they can just leverage our service and use it."
Today, the company says its solution is being taken up by Fortune 500 customers in multiple vertical markets, including enterprises in building automation, energy, and manufacturing environments.
"Our vision for software-defined converged infrastructure solutions for IIoT is based on the learning that both flexibility and simplicity are equally important in approaching Industry 4.0," said Victor in a statement. "Organisations must combine elements of security, network, and edge computing in a multi-tenanted, scalable and open way to realise their deployment.
"Our customers and investors recognise that we are the only commercially deployed zero-touch solution to bring these elements together."
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