Secure industrial IoT networking startup raises funds
The financing will accelerate IoTium’s successes in building and industrial automation verticals, and expand its footprint in the oil and gas, transportation and smart city industries with its flagship Network as a Service (NaaS) system, which enables the secure connection of legacy onsite systems in mission-critical environments to accelerate the deployment of Industry 4.0 at scale.
“The biggest problem impacting the uptake of the IIoT at scale is security and deployment complexity,” said Ron Victor, founder and CEO of IoTium. “With the help of our new investment partners, we are enabling the expansion of IIoT by making it possible for any type of organization to securely connect legacy mission critical industrial assets to the cloud with minimal IT intervention and absolutely no changes to enterprise security policy.”
IoTium understands that the creation of secure, scalable IIoT connections is a critical business challenge that industrial organizations cannot easily overcome on their own. The challenge lies in how to truly digitize “brownfield” or legacy onsite industrial environments that were not designed to be connected to the cloud. They must be digitized in a way that can scale to large and diverse industrial needs while also protecting the sensitive information transmitted. Security and scalability are paramount.
IndustryARC research predicts the Industrial IoT (IIoT) market will reach $123.89B by 2021. The ability to extract data from machinery, communicate this information to the cloud and achieve improvements in operations through data analysis is transforming the way organizations do business. Yet legacy on-site systems in industrial environments were not designed to connect to cloud based applications.
“The opportunity for IIoT is now. Companies have lagged on adoption, but will soon lose out if they do not take advantage of the benefits IIoT has to offer,” said Sumant Mandal, Managing Director, March Capital Partners. “IoTium’s technology virtually negates the most prevalent adoption barriers of security and scalability to make IIoT an easy reality for customers in almost any market.”
“Throughout my career, I’ve experienced deployment complexities when it comes to scalability and security,” said Pankaj Patel, former executive vice president and chief development officer at Cisco. “IoTium offers a sleek, simple way to overcome these complexities and bring the value of the IIoT to market, enabling companies to connect, discover and control all the devices on their network. As part of the IoTium board of directors through this investment, I look forward to expanding the reach of impact of IoTium’s solution.”
www.iotium.io
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www.geventures.com
www.juniper.net
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www.thefabricnet.com
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