Scottish Investment Bank supports Edinburgh-based IOTech in $7.5m funding round
The Scottish Investment Bank (SIB) has invested in Edinburgh-based IoTech as part of its $7.5 million Series A funding round.
The funding round will help accelerate product delivery and build its global sales & marketing team.
The funding round was led by Dell Technologies Capital, with additional investment from SPDG ( Société anonyme de Participation et De Gestion), the holding company of the Périer-D’Ieteren family and Northstar Ventures.
Founded in April 2017 by industry acknowledged leaders in Industrial IoT (IIoT), IOTech addresses the full spectrum of secure hard and soft real-time edge computing needs across multiple vertical IIoT market domains, with an open-source business execution model aimed at accelerating IoT adoption worldwide.
The company will use the funds raised to significantly expand channel support and acquisition capability across the U.S., Europe and APAC, accelerate product delivery and extend its professional service offerings particularly to support customer pilots and subsequent production deployment.
Keith Steele, founder and CEO, IOTech, said: “This investment is recognition of the tremendous progress IOTech has made on three fronts: release of ground-breaking software products, the signing of key partners to expand global availability of our products and services, and adoption by customers in a number of critical IIoT vertical markets,”
“We are excited to continue our partnership with Dell Technologies Capital and their partners in this investment who all share in our vision of the IoT Edge and the great opportunity ahead of us.”