ioTium announced that it has closed $13.6 million in Series B financing. This new round of investment brings the company’s total funding to $22 million and validates the strength of the company’s Software-Defined Converged Infrastructure solutions for IIoT, a vision actualized within industrial Fortune 500 deployments worldwide. The funding was led by continued investment from March Capital Partners. Honeywell Ventures, John Chambers’ JC2 Ventures and Hanna Ventures joined existing ioTium investors GE Ventures and Juniper Ventures in the round. Capital will be used to accelerate ongoing technology leadership and to fuel rapid market expansion in the U.S. and abroad.
“Since our founding, ioTium has been focused on solving the deployment complexities faced by industrial enterprises undertaking digital transformation,” said Ron Victor, founder and CEO of ioTium. “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. Organizations must combine elements of security, network, and edge computing in a multi-tenanted, scalable and open way to realize their deployment. Our customers and investors recognize that we are the only commercially deployed zero-touch solution to bring these elements together.”
ioTium’s vision for Software-Defined Converged Infrastructure for IIoT has been validated by Fortune 500 customers in multiple vertical markets. ioTium solutions have been deployed by major industrial enterprises in building automation, energy and manufacturing environments, uniquely positioning the Company as a trusted partner for a spectrum of digital transformation initiatives.
“Digital disruption is happening faster than ever before. ioTium is driving innovation with its easily deployable technology for industrial markets where reliability and security are mission-critical. CEO Ron Victor is shaping the next market transition with their Software-Defined Converged Infrastructure solutions designed for IIoT,” noted John Chambers, founder and CEO of JC2 Ventures. “As mentors of digital innovation, our mission at JC2 Ventures is to help disruptive startups from around the world scale and grow, which is why we’re excited to work with ioTium as the team enters the next stage of global expansion.”
“Ron and the ioTium team have a practical understanding of how IIoT can actually be deployed at scale within building automation, industrial and energy environments,” said Sumant Mandal, managing director, March Capital Partners. “We are proud to continue our partnership with ioTium as the organization continues to grow its technology suite, including their Software-Defined Converged Infrastructure vision for IIoT, and expand the reach of its product set into industrial organizations worldwide.”
Many companies tried to tackle the problem with IT-specific approaches, but with the launch of groundbreaking ioTium OT-Net Networking-as-a-Service (NaaS) last year, Victor foretold the death of the command line interface in IIoT. ioTium solutions are built on the understanding that mission critical environments must have a zero-touch solution that can easily scale to hundreds or thousands of sites in some of the world’s most hard-to-reach locations.
“GE Ventures is an active investor in the future of edge computing,” said Michael Dolbec, executive managing director at GE Ventures. “We believe in transformational technologies designed to solve industrial-scale problems. Our continued investment in ioTium comes from the knowledge that the Company can help streamline IIoT adoption in industrial environments because of their unique approach to Software-Defined Converged Infrastructure for IIoT.”
IoTium was recognized as a Cool Vendor in the April 2018 Gartner Cool Vendors in Edge Computing, 2018 report.
The Company has seen record growth in the last year, doubling headcount and growing the customer roster, such as Rexnord in manufacturing, Kilroy Realty Corporation in commercial real estate and other industrial Fortune 500 companies in the energy and oil and gas sectors.
“ioTium has been a true partner in the acceleration of our digital transformation initiative,” said Rick Morse, vice president of Digital Solutions for the Rexnord Process & Motion Control business. “Rexnord is constantly innovating to address diverse deployments and customer needs. The ioTium solution enables us to make a flexible solution implemented across a scalable platform critical.”
“We applaud the Company’s successes since emerging from the Fabric’s co-creation platform,” noted Rajan Raghavan, CEO, The Fabric. “The company has been delivering on its vision across Industrial Enterprises. The successful completion of the latest funding round which includes some leading industrial companies and investors is a further validation of the vision and execution by the ioTium team.”
As ioTium expands its international presence, the new funding will be used to open offices on the East Coast of the United States, Canada, Europe and Australia. The company will also increase headcount at its Chicago and Houston locations. Geographies are specifically targeted to maximize ioTium’s presence in heavily industrialized areas.