IOTech raises $7.5 million in series A funding led by Dell Technologies
IOTech Systems, a UK-based IoT edge platform company, has successfully raised $7.5 million (£5.8m) in its series A funding round. The funding was led by Dell Technologies Capital, with additional investment from Société anonyme de Participation et De Gestion (SPDG), the Scottish Investment Bank, and Northstar Ventures.
IOTech intends to use the investment to considerably expand its acquisition capability and channel support across the US, APAC and Europe, build its global sales and marketing team, extend its professional service offerings to support both customer pilots and consequent production deployment.
The company aims to address the comprehensive range of secure hard and soft real-time edge computing needs in multiple vertical IIoT market domains via an open source business execution model that boosts IoT adoption across the world. The company also supports the EdgeX Foundry project by Linux Foundation.
The association between IOTech and Dell has been going for some time; as this publication reported in May 2017, IOTech was added to a Dell partnership program focuses around IoT software and services.
Meanwhile, IoT network coverage in Glasgow and Edinburgh has nearly reached 100%. As reported by Smart Cities World, Glasgow-based integrated security solutions provider Boston Networks says that more than 30% of businesses, around 1.40mn people and six local authorities will have access to affordable IoT connectivity throughout Scotland.
Scott McEwan, CEO of Boston Networks, said: “There has been significant interest regarding how this technology could be used to gather data and make organisations more efficient and productive. The IoT network will revolutionise how we use smart technologies here in Scotland, with significant benefits for organisations of all sizes and their clients, all at very low cost.”
In February, Boston Networks announced that it was powering an advanced Internet of Things network, called IoT Scotland, which is a £6m wide area wireless sensor network that will work via 500 Long Range (LoRa) wireless gateways located across Scotland.
Interested in hearing industry leaders discuss subjects like this? Attend the co-located 5G Expo, IoT Tech Expo, Blockchain Expo, AI & Big Data Expo, and Cyber Security & Cloud Expo World Series with upcoming events in Silicon Valley, London, and Amsterdam.
- » Report: Public transport ITS market in Europe and North America to reach £3.14bn by 2023
- » Teraki and Machfu raise series A funds of $11m and $3.75m to speed up automotive and IIoT markets
- » Report: Global IoT chip market likely to grow to $38.61 billion by the end of the decade
- » KVH and Kongsberg claim success with installing maritime IoT system on active working vessel
- » Enterprise IoT and protecting against Bluetooth endpoint vulnerabilities: A guide