Foundries.io raises $8M Series A funding

Foundries.io raises $8M Series A funding

Foundries.io has raised $8M in Series A funding, led by IQ Capital, with participation from Crane Venture Partners and Backed VC. Foundries.io delivers FoundriesFactory, the world’s first cloud-native solution for embedded technologies that reinvents 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.

Foundries.io 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. 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 new funding comes on the back of rapid growth since its inception in 2017 and seed round funding in 2019, which has already 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 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,” notes Ian Drew, Chairman of Foundries.io.

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