GERMANTOWN, Md. — Machfu, an Industrial Internet of Things (IIoT) company leading the way in the development of an edge intelligence platform for IIoT, announced that it has raised $1.6 million in the first round of institutional financing. This investment, led by Blu Venture Investors, will allow the company to accelerate its successes in the Smart Grid and Smart Water markets, and expand its footprint in the oil and gas industry. The company has also recently received financing from Maryland’s TEDCO and other angel investors.
“The big problems impeding the growth of IIoT at scale are security and the sheer variety of application protocols, cloud connectivity protocols, wireless and wireline interfaces that make it difficult for legacy and IIoT technologies to communicate effectively,” said Prakash Chakravarthi, founder and CEO of Machfu. “With the help of our new investment partners, we are enabling companies and organizations across a variety of industries to quickly and securely create applications that will help them to gather and utilize data, make sound business decisions with the additional information gleaned from that data, and increase their energy and operational efficiency as a result.”
In contrast to the IIoT industry, the cellular and internet markets have undergone unprecedented growth, driving infrastructure upgrades every 2 years on average. Machfu was founded with the idea that developing and maintaining applications in the IIoT world should be as easy as it is in the desktop world or the smartphone world. To make this idea a reality, Machfu developed the Layer 7 Gateway with applications and communication capabilities for IIoT. It securely unifies a fragmented industrial automation market, takes advantage of a large and established developer community, enables a secure enterprise application management framework concept for IoT with secure sandboxed applications and makes hyper-growth potential of IIoT possible. The ease and speed of new application development coupled with state of the art security and network connectivity positions Machfu to capitalize on a large emerging opportunity conservatively predicted to exceed $20 billion annually by 2020.
“Machfu is an exciting company founded by industry veterans with deep knowledge of embedded systems, IoT and the business needs of the market” said Pradeep Kaul, Blu Venture Investors’ Principal, who recently joined Machfu’s Board. He added “I have known the team for a long time and we’re excited to be a part of helping grow Machfu to make widespread impact across the industrial IoT landscape.”
To learn more about Machfu and its technology, visit www.machfu.com.
Machfu simplifies the complex landscape of Industrial Internet of Things (IIoT) by easily connecting data at the edge to IoT databases in the cloud for business analytics. Machfu grew out of a simple idea: that developing and maintaining applications in the industrial IoT world should be as easy as it is in the desktop world or the smartphone world. Machfu’s products bring edge to enterprise connectivity to existing industrial infrastructure that can be deployed and scaled quickly. To learn more about Machfu, visit www.machfu.com.
About Blu Venture Investors
As a Primary Source Venture Capital firm, Blu’s principals bring expertise across a variety of industries and an investment perspective closely aligned with entrepreneurs. Over the past several years Blu has helped numerous early stage companies navigate the growth process from proof-of-concept to scalable revenue models and successful exits. Given our close operating relationship with every one of our investees, Blu has participated in numerous follow-on rounds, which constitute nearly 50% of our capital deployed to date. For more information, see https://bluventureinvestors.com.