IOTech Secures $7.5M Series A Funding to Propel IoT Innovation

IOTech Systems, a UK-based IoT edge platform company, has successfully raised $7.5 million (£5.8m) in its series A funding round. The funding was led by Dell Technologies Capital, with additional investment from Société anonyme de Participation et De Gestion (SPDG), the Scottish Investment Bank, and Northstar Ventures.

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IOTech intends to use the investment to considerably expand its acquisition capability and channel support across the US, APAC and Europe, build its global sales and marketing team, extend its professional service offerings to support both customer pilots and consequent production deployment.

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The company aims to address the comprehensive range of secure hard and soft real-time edge computing needs in multiple vertical IIoT market domains via an open source business execution model that boosts IoT adoption across the world. The company also supports the EdgeX Foundry project by Linux Foundation.

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The association between IOTech and Dell has been going for some time; as this publication reported in May 2017, IOTech was added to a Dell partnership program focuses around IoT software and services.

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Meanwhile, IoT network coverage in Glasgow and Edinburgh has nearly reached 100%. As reported by Smart Cities World, Glasgow-based integrated security solutions provider Boston Networks says that more than 30% of businesses, around 1.40mn people and six local authorities will have access to affordable IoT connectivity throughout Scotland.

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Scott McEwan, CEO of Boston Networks, said: “There has been significant interest regarding how this technology could be used to gather data and make organisations more efficient and productive. The IoT network will revolutionise how we use smart technologies here in Scotland, with significant benefits for organisations of all sizes and their clients, all at very low cost.”

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In February, Boston Networks announced that it was powering an advanced Internet of Things network, called IoT Scotland, which is a £6m wide area wireless sensor network that will work via 500 Long Range (LoRa) wireless gateways located across Scotland.

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IOTech Systems Limited, headquartered in Newcastle, has secured a substantial investment of $7.5 million in Series A funding. Leading this funding round is Dell Technologies Capital, joined by SPDG, Northstar Ventures, and the Scottish Investment Bank.

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The company plans to leverage these funds to strengthen its global presence, particularly in the U.S., Europe, and APAC regions. With a focus on expanding channel support, accelerating product delivery, enhancing professional services, and bolstering its sales and marketing team, IOTech aims to further its position as a leading provider of IoT Edge platforms.

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Founded in April 2017 by Keith Steele, IOTech specializes in developing open and secure software edge platforms for the Industrial Internet of Things (IIoT). Their flagship product, EdgeX, serves as a foundation for IoT innovation and global market adoption. Additionally, the company offers Edge Xpert, a licensed version of EdgeX with comprehensive support and compatibility across various hardware and operating systems.

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Moreover, IOTech recently introduced Edge XRT, extending EdgeX capabilities with real-time features tailored for software-defined process automation applications. By actively contributing to initiatives like the LF Edge’s EdgeX Foundry™ project, IOTech demonstrates its commitment to advancing open-source IoT solutions in collaboration with industry leaders.

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The partnership between IOTech and Dell underscores a strategic alignment in IoT software and services. This funding not only strengthens their collaboration but also reinforces IOTech's position in the rapidly evolving IoT landscape.

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In parallel, Scotland has made significant strides in IoT infrastructure, with Glasgow and Edinburgh nearing full IoT network coverage. Boston Networks' IoT Scotland initiative, powered by a £6 million investment, promises widespread accessibility to IoT connectivity across Scotland. With over 500 Long Range (LoRa) wireless gateways strategically deployed, this initiative sets the stage for transformative IoT applications benefiting businesses, communities, and governments alike.

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Scott McEwan of Boston Networks highlights the potential of IoT technology to drive efficiency and productivity across various sectors. As IoT adoption continues to proliferate, Scotland stands at the forefront of embracing smart technologies, paving the way for a more connected and efficient future.

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In conclusion, IOTech's successful funding round not only marks a significant milestone for the company but also signals continued growth and innovation in the IoT sector. With robust financial backing and a clear strategic vision, IOTech is poised to capitalise on emerging opportunities and contribute to the ongoing evolution of IoT technologies worldwide.