US-based internet-of-things (IoT) software developer FogHorn has completed a $25m series C round led by industrial conglomerate LS Corp, it revealed on Tuesday.
Dell Technologies Capital, Intel Capital, Saudi Aramco Energy Ventures (SAEV), Honeywell Ventures, GE Ventures and Robert Bosch Venture Capital (RBVC) also invested, on behalf of computer producer Dell, chipmaker Intel, oil and gas supplier Aramco, consumer technology provider Honeywell and industrial technology manufacturers General Electric and Bosch.
The round was filled out by technology investment firm March Capital Partners and venture capital firm Forte Ventures and Darling Ventures. It increased FogHorn’s funding to $72.5m since it was founded in 2014, the company said.
Foghorn has created an edge computing software platform designed for use in artificial intelligence and machine learning applications in the industrial and commercial sphere. It said it increased its annual licences tenfold year on year in 2019 and is prioritising growth in East Asia, where LS Corp is based.
Yumi Lee, LS Corp’s chief strategy officer, said: “Industrial IoT is at a tipping point. We are seeing initiatives move quickly into full-scale deployments, especially among industries we serve in Korea and throughout the globe.
“FogHorn has pioneered edge analytics, ML and recently edge AI since its inception. LS looks forward to supporting the company as it continues to enable edge AI deployments and digital transformation initiatives across global industries.”
March Capital Partners and The Hive supplied $2.5m in seed capital for FogHorn in 2015 before it secured $15m from RBVC, GE Ventures, Dell Technologies Capital, SAEV, industrial technology producer Yokogawa Electric, Darling Ventures and March Capital in 2017.
SAEV and Intel Capital co-led FogHorn’s $30m series B round later the same year, investing with RBVC, Honeywell Ventures, Dell Technologies Capital, General Electric, Yokogawa Electric, March Capital, Darling Ventures and The Hive.
