IoTium raises USD 8.4m to secure network infrastructure for industrial IoT

IoTium, a secure network infrastructure company for the Industrial Internet of Things (IIoT), has closed USD 8.39m in Series A financing, the company said.

This investment is led by March Capital Partners and GE Ventures.

The round is also joined by Pankaj Patel, former executive vice president and chief development officer at Cisco; OpenSource Ventures, and Juniper Networks. The company will use the capital to accelerate its 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) solution which was also announced today.

Headquartered in Silicon Valley and backed by GE Ventures, March Capital, and Juniper Networks, IoTium´s patented technology enables a Network as a Service (NaaS) solution to securely connect legacy onsite systems to cloud-based applications, allowing building and industrial automation, oil & gas, manufacturing, transportation and smart city industries to realize the promise of Industry 4.0.

March Capital Partners is a Santa Monica-based venture capital firm with one of the largest global funds in Southern California. Founded by industry veterans with over 50 years of investing experience, March Capital has active investments in both early and late-stage companies in mobile, enterprise, infrastructure, gaming and other growth industries.

GE Ventures identifies, scales and accelerates ideas that will help make the world work better. Focused on the areas of software, advanced manufacturing, energy and health care, GE Ventures combines equity investing, new business creation, licensing and technology transfer to deliver an innovation platform designed to drive growth for partners and GE.

Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. Our team co-innovates with customers and partners to deliver automated, scalable and secure networks with agility, performance and value.

OpenSource Ventures is a syndicate that invests in both open source, and general software infrastructure deals.

The Fabric collaborates with entrepreneurs to co-create highly innovative and disruptive cloud infrastructure companies.