Arduino, an open-source software and hardware company, has announced the closing of $22 million in additional funding, bringing its Series B financing total to $54 million. The expansion was co-led by CDP Venture Capital and Anzu Partners.
With a focus on enabling citizen technologists, Arduino offers solutions in electronics, edge computing and hardware, with a particular emphasis on AI and machine learning.
The additional funding augments the previously raised $32 million from the Series B financing round. Led by Robert Bosch Venture Capital and Renesas Electronics, Arduino says this investment highlights its growing presence in the electronics industry.
Arduino secured additional funding to expand its presence in the U.S. The investment will primarily boost the R&D team in Torino, Italy, focusing on enterprise application libraries and the Arduino Cloud for Business. Additionally, the company plans to accelerate go-to-market initiatives in key geographies.
The company says its success can be attributed to its unique global ecosystem, expanding presence in enterprise and IoT markets, and platform-centric approach.
Mario Branciforti, the leader of CDP Venture Capital SGR’s large ventures fund, commends Arduino’s remarkable growth and highlights the company’s commitment to excellence in democratizing open-source hardware and software. He also lauds Arduino’s vibrant community of students, engineers, and makers and the company’s impact on industries and manufacturing applications.
“We are happy that Arduino kicks off Large Ventures’ portfolio, the first of many transactions that will aim to boost the growth of leading Italian tech companies,” Branciforti continues.
In March of 2022, Arduino was in the news for collaborating with Foundries.io, a Linux-based software platform for IoT application providers, to create a high-performing system-on-module (SoM) called Portenta X8 SoM.
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