Industrial IoT network infrastructure startup raises $8.4 million

May 12, 2017 //By Jean-Pierre Joosting
Claiming to be the first secure network infrastructure company for the Industrial Internet of Things (IIoT), IoTium has closed $8.39 million in Series A financing led by March Capital Partners and GE Ventures. Other investors include OpenSource Ventures, Juniper Networks, and Pankaj Patel, former executive vice president and chief development officer at Cisco.

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.