GE Ventures, the corporate venturing arm of industrial product maker General Electric, co-led a $12m series A round for US-based internet-of-things (IoT) software developer FogHorn Systems yesterday.
The round was co-led with venture capital firm March Capital Partners and included Robert Bosch Venture Capital, the strategic investment vehicle for industrial product manufacturer Robert Bosch, as well as industrial technology provider Yokogawa Electric and Darling Ventures.
FogHorn also converted $2.5m of seed funding supplied by March Capital and startup studio The Hive into equity in conjunction with the series A round.
The company’s software uses machine learning and advanced analytics to enhance industrial and commercial IoT applications covering advanced monitoring and diagnostics, operational intelligence, asset performance optimisation and predictive maintenance.
Luis Llovera, managing director of Robert Bosch, said: “Bosch has been a leader in bringing the transformative power of IoT to a wide range of industrial environments through our prominent role in the creation of Industry 4.0.
“The market opportunity for IoT is vast, not only in the industrial sector, but in Bosch’s smart building and connected vehicle businesses as well. We look forward to working with FogHorn’s groundbreaking edge analytics technology and fog computing applications platform.”