Analytics firm Iguazio scored $33 million in a Series B round from investor firm Pitango Venture Capital, with additional funds from Verizon Ventures, Robert Bosch Venture Capital, CME Ventures, and existing investors Magma Venture Partners, Jerusalem Venture Partners, and Dell Technologies Capital.
The additional $33 million brings the company’s total investment to $48 million. The company said it will use the new funding to expand its business.
The company says its data platform-as-a-service (PaaS) makes it easier for enterprises to store and analyze data. Iguazio’s edge analytics platform basically redesigned the software stack so that it addresses different data types. It’s faster because it doesn’t need to cache all the data, and it analyzes the data closer to the edge of the network, which makes it ideal for Internet of Things (IoT) and cloud-native applications. Iguazio says the platform will deliver 20 million transactions per second and throughput of 50 Gb/s with sub-100 microsecond application latencies, across streaming data, NoSQL, objects, or files.
Eyal Niv, managing general partner at Pitango, said Iguazio’s platform has received favorable feedback from beta customers who say the platform is already making an impact on their business.
Edge computing is becoming a much bigger focus for many startups because of the sheer quantity of data that will be transmitted from IoT devices, sensors, and other connected devices. These devices transmit data to a local gateway device instead of sending it back to the cloud or central data center.