$8m for cloud-native edge IoT startup
Edge IoT startup Foundries.io in Cambridge already has customers such as ARM, NXP Semiconductors, MontaVista, STMicroelectronics and Winsystems and it supports a wide range of hardware based on ARM, Intel and RISC-V architectures.
The $8m (€6.7m) round was led by IQ Capital, with participation from Crane Venture Partners and Backed VC and brings the total backing to $11.5m (€9.6m).
Founded by Ian Drew from ARM and George Grey from Linaro, the FoundriesFactory tool is an 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 system with lifetime support of connected devices.
The Series A funding will be used for recruitment and marketing.
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“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. 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,” said George Grey, CEO of Foundries.io. “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 containerized applications and services.”
“Foundries.io is leading an industry-wide movement to secure any software running on connected edge devices. 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 optimized to their own hardware designs,” said Ed Stacey, Managing Partner at IQ Capital.
“Device security is currently a major bottleneck to full IoT adoption – and is likely to remain so while embedded engineering talent continues to be in short supply. With a growing list of global Tier-1 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.”
IQ Capital team has been part of selling 20 startups to companies such as Apple, Google, Facebook, Oracle as well as several IPOs, and current investments include Paragraf, causaLens, and Nyobolt.
“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,” said Ian Drew, Chairman of Foundries.io.
The deal with MontaVista allows the FoundriesFactory to be integrated with its embedded Linux operating system to allow Linux-based edge IoT devices to be continuously updateable.
FoundriesFactory provides a secure Over-the-Air updateable platform that delivers end-to-end security. MontaVista supports a single, stable and productized, baseline set of Linux, including a support for a stable kernel for 10 years or more.
This baseline can be centred on the CGX product line, with existing deployments ranging over 20 years, or on any Yocto baseline. The Foundries.io cloud-native platform provides device and fleet management enabling applications and services to be updated and maintained on devices securely to extend a product’s lifespan.
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“We are very excited to enter into this partnership with Foundries.io to set the new standards for security-critical, long-lifecycle, embedded deployment programs,” said Ravi Gupta, CEO and President of MontaVista Software. “Foundries.io’s innovative cloud-native platform combined with MontaVista’s strong Linux experience and long-term support capabilities will offer our customers a very compelling and complete DevOps solution that will allow them to focus on their value-add applications.”
“By working with MontaVista, Foundries.io brings the benefits of secure cloud-native platforms to the markets who have historically used embedded Linux, enabling the use of DevOps management in IoT and Edge devices,” said Grey at Foundries.io. “MontaVista and its partners can now secure, deploy, develop, test and maintain devices like never before. With this partnership, we are accelerating the next phase in IoT and Edge platforms to bring secure, updateable, innovative fleets of devices that provide increased value over their installed lifetime.”
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