FogHorn, a developer of edge intelligence software for industrial and commercial IoT applications, closed a $25 million Series C funding round led by LS Corp., a Korean industrial conglomerate, with participation from Forte Ventures.
Existing investors, Dell Technologies Capital, Intel Capital, Saudi Aramco Energy Ventures, Honeywell Ventures, GE Ventures, Robert Bosch Venture Capital, March Capital Partners, and Darling Ventures, also participated in the round.
The Series C funding round brings the company’s total funding to date to $72.5 million.
IDC predicts 41.6 billion connected IoT devices or things will generate 79.4 zettabytes (ZB) of data in 2025. Among verticals deploying IoT devices, industrial use cases will increasingly create more data over time. What’s more, Gartner predicts that 75% of enterprise-generated data will be created or processed outside of a traditional centralized data center by 2025.
The FogHorn technology solution enables high-performance edge processing, real-time analytics, and heterogeneous machine learning applications to be hosted as closely as possible to the source of high-volume and high-velocity operations technology (OT) machine data. The solution provides customers with capabilities that enable them to achieve greater operating efficiencies (increases in runtime, throughput and yield, or reductions in machine outages, scrap material, and energy usage) and detect anomalous conditions that can impact an individual asset or site-wide performance.
FogHorn technology is deployed across industries, including OEMs, systems integrators, and end customers in manufacturing, power, water, oil, gas, renewable energy, mining, transportation, healthcare, retail, smart grid, smart city, smart building, and connected vehicle applications.
“2019 proved to be a banner year for FogHorn for license bookings, new customer acquisition, and innovation,” said David C. King, CEO of FogHorn. “This latest round of funding led by LS Corp. will accelerate our growth, especially in East Asia. The Series C round, so broadly supported by our existing investor base, as well as our new collaboration with LS Corp., will extend FogHorn’s ability to scale and invest in continued product innovation as we deepen our portfolio of industry use cases.”