Foundries.io has raised $3.5 million from Crane Venture Partners with support from Backed VC. Launched in Cambridge in 2017, the company wants to expand its secure operating system platform across the Internet of Things (IoT).
Foundries.io cites a couple statistics to prove the demand of its service. The first is to do with security concerns across its intended market: 84 percent of organisations that have adopted IoT have experienced a security breach of their connected devices. The second is to do with the prohibitive associated costs: 44 percent of organisations report maintenance costs as a barrier to adoption of IoT.
The British startup’s platform enables IoT devices to remain secure whilst providing lifetime software maintenance, at a fraction of current costs.
The funding will fuel the rollout of FoundriesFactory, a self-service subscription solution providing turn-key services to develop, secure, deploy and maintain embedded, IoT or Edge products. It provides secure boot firmware and customizable operating system software updates, as well as build-and-test infrastructure with the latest software and security updates included. The ultimate benefit is lower maintenance and support costs, from early development to rollout.
CEO George Grey said: “Foundries.io delivers a flexible software solution for development, testing, deployment and maintenance of IoT devices. Our commercial FoundriesFactory solution enables customers to customise and future proof their products using an innovative subscription-based lifetime model. There is no lock in, no access to our customers’ data, and no per unit costs. With Crane Venture Partners and Backed VC we have investors who share our vision on the impact we can deliver with a unifying software platform for the IoT market.”