SANTA CLARA — IoTium, which develops a secure network infrastructure for the Industrial Internet of Things (IIoT), has closed $8.39 million in Series A financing. This investment is led by March Capital Partners and GE Ventures. The round is also joined by Pankaj Patel, former executive vice president and chief development officer at Cisco;OpenSource Ventures, and Juniper Networks.
The company plans to use the money to accelerate its successes in building and industrial automation verticals, and expand its footprint in the oil and gas, transportation and smart city industries with its flagship Network as a Service (NaaS) solution.
“The biggest problem impacting the uptake of the IIoT at scale is security and deployment complexity,” said Ron Victor, founder and CEO of IoTium. “With the help of our new investment partners, we are enabling the expansion of IIoT by making it possible for any type of organization to securely connect legacy mission critical industrial assets to the cloud with minimal IT intervention and absolutely no changes to enterprise security policy.”
IndustryARC research predicts the Industrial IoT (IIOT) market will reach $123.89 billion by 2021.The ability to extract data from machinery, communicate this information to the cloud and achieve improvements in operations through data analysis is transforming the way organizations do business. Yet legacy on-site systems in industrial environments were not designed to connect to cloud based applications.
“The opportunity for IIoT is now. Companies have lagged on adoption, but will soon lose out if they do not take advantage of the benefits IIoT has to offer,” said Sumant Mandal, Managing Director, March Capital Partners. “IoTium’s technology virtually negates the most prevalent adoption barriers of security and scalability to make IIoT an easy reality for customers in almost any market.”
“It takes a vision for change, coupled with the right expertise, to see an opportunity and deliver the right product at the right time within a market,” said Abhishek Shukla, Managing Director of Software Investments, GE Ventures. “Ron’s team has the deep expertise and experience in networking and security to propel the IIoT forward, enabling customers to realize the immense potential and financial benefits possible.”