The edge-intelligence and industrial Internet of Things (IoT) startup, FogHorn, secured an additional $30 million in Series B funding earlier this month. The latest funding round was led by Intel Capital, Saudi Aramco Energy Ventures, and the newly adapted, Honeywell Ventures.
This comes less than a year after the company’s $12 million in Series A funding, which when combined with the initial seed money and Series B brings FogHorn’s total funding to $47.5 million.
FogHorn develops edge intelligence software for the industrial IoT, a sector that Accenture estimates will generate $14.2 trillion to the global economy by 2030. The startup recently launched Lightning ML, the newest version of its machine learning platform built on top of FogHorn’s complex event processing (CEP)-driven edge analytics software.
Lightning ML uses machine learning capabilities, which gives it universal compatibility across major industrial IoT Edge systems.
“Adding this new layer of software at the very edge of the application or the network, you’ll be able to process all that streaming data in real-time,” said David King, CEO of FogHorn. “Giving you tremendous cost savings in terms of bandwidth and hosting costs, tremendous security advantage, and insights that add real-time impact to a company’s business operations.”
Industrial Moves to the Edge
According to King, when FogHorn first started they were a bit counter cultural. “We took a completely different approach,” said King. “Which is to basically develop something from scratch, that was perfectly built for streaming data, so you didn’t have to send all the data to the cloud.”
But King notes a shift in the tides, as the industry is beginning to realizing that computing on the edge is going to be “critically important for the industrial users on these cases.” However, King doesn’t look for edge-intelligence and computing to replace the cloud, but rather add value and work in harmony with cloud technologies.
Scaling Toward the Future
The first round of funding enabled the company to build the brand and global marketing distribution but it has no plans to stop there. With this new round of funding, FogHorn plan to invest in further innovation and invention.
“This round is really to scale both our engineering, to support a lot more partners of GE’s size,” said King. Noting that the company plans to hire heavily on the engineering and data science side, while at the same time scaling their global footprint.
FogHorn already has well-established relationships with global partners GE, Bosch, and Saudi Aramco. Looking forward, they want to build field-based technical support for these large clients, in the hopes that it will attract and serve, not only existing clients, but more customers in a lot more geographies.