Cambridge, UK, 22nd October 2019: Foundries.io, a leading open IoT platform company, today announces a $3.5M funding round to advance its secure operating system platform. The round is led by Crane Venture Partners, with participation from Backed VC.
Foundries.io enables IoT devices to remain secure whilst providing lifetime software maintenance, at a fraction of current costs
Foundries.io’s first commercial product - FoundriesFactory™ - is a self-service subscription solution providing turn-key services to develop, secure, deploy and maintain your embedded, IoT or Edge product
Crane Venture Partners led the round with participation from Backed VC
With this investment Foundries.io will accelerate the rollout of FoundriesFactory. It enables businesses to minimize and manage their maintenance and support costs. It provides secure boot firmware and customizable operating system software updates, as well as build and test infrastructure with the latest software and security updates included.
Security and execution are the top two concerns for leaders in the IoT industry.* In fact, 84 percent of organisations that have adopted IoT have experienced a security breach of their connected devices.** Adding to their concerns is the cost of maintaining IoT devices, which 44 percent of organisations report as a barrier to their adoption of IoT.**
Securing IoT devices continues to dominate both businesses and government agendas. Over the last 12 months both the UK and Europe have increased the standards and regulations relating to securing IoT devices. These regulations will drive new requirements for security. Foundries.io builds end to end security features for every device, enabling secure fleet connections to the customer’s choice of industry leading cloud data and device management services.
FoundriesFactory provides a complete solution, from early software development through to provisioning and rollout of IoT devices, offering a reliable and customizable approach to product development and deployment.
George Grey, CEO Foundries.io, said:
“Building today’s IoT & Edge devices requires more than just an OS - Foundries.io delivers a flexible software solution for development, testing, deployment and maintenance of IoT devices. Our commercial FoundriesFactory solution enables customers to customise and future proof their products using an innovative subscription-based lifetime model. There is no lock in, no access to our customers’ data, and no per unit costs. With Crane Venture Partners and Backed VC we have investors who share our vision on the impact we can deliver with a unifying software platform for the IoT market”
Krishna Visvanathan, Founder of Crane Venture Partners, said:
“Our goal at Crane is to invest in companies that are going to revolutionise large addressable markets. Foundries.io offers a disruptive approach to solving the key issues affecting the IoT space, including security and implementation. They have already delivered value and validated their approach with their initial customers and are seeing their open source approach as key to adoption for this market .”
Founded in 2017, Foundries.io was spun out from Linaro, bringing knowledge obtained in the Linux Open Source world to the IoT and Edge space. IoT/Edge devices are diverse in size, complexity and cost when compared to many other mass market technology product types, such as mobile devices or enterprise servers. Developing for the wide range of products within the IoT marketplace, from smart light bulbs to autonomous cars, presents different needs and challenges. Foundries.io brings together platforms that customers can build their differentiating features on top of, in the knowledge that the underlying platforms are updated, secured and deployable over-the-air (OTA). Linaro Ltd also becomes a Foundries.io shareholder, through the conversion of an earlier loan.
About Crane Venture Partners
Crane builds data, enterprise and deep technology companies alongside Europe’s most ambitious founders. Based in London, Cranes Partners have invested in and scaled businesses across the US, Asia and every major hub in Europe. Over the last year, Crane has made investments from its first institutional fund in european enterprise startups including AIRE, Avora, SpotQA, Tessian, Onfido and H2O.ai http://www.crane.vc/
* Source: IoT World, “What is keeping IoT Executives up at night in 2019 - a study for Internet of Things World, 2019”
** Source: Aruba Networks (an HPE Enterprise company)”The Internet of Things: Today and Tomorrow, 2018”
Trina Watt, Email Contact