Italy-based industrial internet of things (IoT) company Zerynth has raised €5.3 million in a round described as one of Italy's biggest ever IIoT fundraises.
The digital transformation of supply chains is well underway and has been for a few years now.
Factories and supply chains with connected devices in their product lines are looking for smarter insights, as the smart factory has become a key differentiator for producers this decade.
But the complexity of getting IIoT to run well is increasing as more connected technologies reach market, with more of these products now merging cloud functions with data loads operated on at the edge.
Yesterday, days after Zerynth's announcement, another hardware manufacturing giant revealed its digital transformation plans.
ASUS, the maker of laptops and computer hardware, said its factories had been upgraded to smart manufacturing, relaying data to a third-party cloud to capture decision-making insights.
Within this climate, Zerynth is marketing an operating system designed to function out of the box and integrate countless IIoT sensing processes, for production monitoring, energy profiles, maintenance and asset tracking.
The IIoT platform can also be retrofitted to operate with legacy hardware.
Zerynth was founded in 2015 as a spin off from University of Pisa's research.
The €5.3 million raise brings its lifetime funding to €7.3 million, following a €2 million injection two years back.
This time Vertis SGR's VV3TT Fund and LIFTT participated, as well as CDP Venture Capital's Corporate Partners Fund. The round was led by United Ventures.
The funding will go to recruitment, product development and partnership deals with "major industrial players". Proceeds will help Zerynth launch new features which merge IIoT and artificial intelligence.
Gabriele Montelisciani, CEO of Zerynth, said: "Our challenge has always been to make IoT and AI accessible to small and medium-sized enterprises so that they can face the market competitively, improving both the efficiency of business processes and environmental sustainability thanks to the new business models enabled by IoT, AI and digitisation technologies."
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