Foundries.io is a Cambridge-based company, best known for its cloud development and deployment solutions for secure IoT and Edge devices. Now, the company has raised $8 million (nearly £5.8 million) in a Series A funding round led by IQ Capital along with participation from Crane Venture Partners and Backed VC.
Aggressive expansion plans
The new funding follows the seed round funding that Foundries.io secured back in 2019 that resulted in significant partnerships and a strong pipeline. The Series A funding will support Foundries.io’s aggressive expansion plans through both talent recruitment and marketing, to bring this platform to further innovative companies around the world.
“The industry needs a new cloud DevOps approach to IoT that’s built from the ground up to reinvent how software is developed and deployed. At Foundries.io, our team’s deep expertise and experience has helped us to reinvent how devices are secured and managed. We believe the latest software is always the most secure and most trusted, so we have created the FoundriesFactory platform to deliver to the embedded industry an easy-to-use cloud-native solution for secure open source-based software development and management,” said George Grey, CEO of Foundries.io.
“Foundries.io is leading an industry-wide movement to secure any software running on connected edge devices. The company has created the first truly horizontal, cloud-native, hardware-agnostic operating system and device management platform, enabling OEMs to focus on their applications and services, while being secure in the knowledge that their devices in the field are always kept safe, by using up-to-date software that is fully optimized to their own hardware designs,” said Ed Stacey, Managing Partner at IQ Capital.
“The IoT industry is ripe for a horizontal platform that allows OEMs to own their data and security strategies, without being locked-in. Governments are setting security standards around the world for consumers and enterprise devices that will need to be met. The market is tripling in the next decade for IoT devices and so we are ready for this inflection point,” said Ian Drew, Chairman of Foundries.io.
Partnership with MontaVista
Led by technology industry pioneers, George Grey and Ian Drew, Foundries.io was established in 2017. Foundries.io delivers FoundriesFactory, the world’s first cloud-native solution for embedded technologies that reinvent IoT, and counts tier-one OEMs, silicon industry leaders and SoC companies among its customers and partners, including ARM, NXP Semiconductors, MontaVista, STMicroelectronics, and WINSYSTEMS.
Besides the investment, Foundries.io has announced a major partnership with MontaVista in a first-of-its-kind move. The company has developed a transformative, open-source platform that provides OEMs and Systems Integrators a common software base to develop, test, deploy, manage and maintain secure IoT and Edge devices through a single cloud-native solution. This ensures lifetime support of connected devices, unlocks innovation, and improves speed-to-market while saving time and money.
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