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Foundries.io raises $8m to secure IoT
- June 23, 2021
- Steve Rogerson
UK firm Foundries.io, a specialist in cloud development and deployment for secure IoT and edge devices, has raised $8m in series A funding.
The company’s FoundriesFactory is a cloud-native offering for embedded technologies for IoT. It counts tier one OEMs, silicon companies and SoC developers among its customers and partners, including Arm, NXP Semiconductors, MontaVista, ST Microelectronics and Winsystems.
Led by technology industry pioneers George Grey and Ian Drew, Foundries.io has developed an open-source platform that provides OEMs and systems integrators with a common software base to develop, test, deploy, manage and maintain secure IoT and edge devices through a single cloud-native offering. As a result, companies can ensure the lifetime support of connected devices, unlock innovation, and improve speed to market while saving time and money.
“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,” said CEO Grey. “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. OEMs can now couple their hardware innovations to a secure, production-tested base software platform, enabling freedom of choice of enterprise software and cloud providers using containerised applications and services.”
Chairman Drew added: “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.”
The funding comes on the back of rapid growth since its inception in 2017 and seed round funding in 2019, which has already resulted in partnerships and a strong pipeline. The series A funding should support Foundries.io’s aggressive expansion plans through talent recruitment and marketing, to bring this platform to more companies around the world.
The round was led by IQ Capital, with participation from Crane Venture Partners and Backed VC.
“Foundries.io is leading an industry-wide movement to secure any software running on connected edge devices,” said Ed Stacey, managing partner at IQ Capital. “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 optimised to their own hardware designs.”
He said device security was a major bottleneck to full IoT adoption and was likely to remain so while embedded engineering talent continued to be in short supply.
“With a growing list of global tier-one customer advocates, and influential open-source developers supporting its platform, Foundries.io is set to transform the way that edge devices are designed, delivered and managed,” said Stacey.