16 Dec Machfu Raises $3.75 Million to Accelerate Industrial IoT
CSL Ventures, Blu Ventures, Texas Ventures and Texas Halo Fund lead investment in Machfu’s technology that securely connects critical assets and sensors to modern web services
ROCKVILLE, Md.–(BUSINESS WIRE)–#IIoT–Machfu, a leader in Edge Intelligence Platform and Applications for the Industrial Internet of Things (IIoT), announced that it has closed $3.75 million in its Series A round. This investment is led by CSL Ventures with participation from existing and new investors, Blu Ventures, Texas Ventures and Texas Halo Fund. The company will use the capital to accelerate its successes in Smart Grid and Oil & Gas markets and expand its footprint in the industrial space.
Machfu has developed products and services for the Industrial Internet-of-Things (IIoT) market that let customers focus on their core strengths, including operations, efficiency and new business models. The products and services provide ready end-to-end integration between legacy assets and sensors and cloud or legacy head-end systems. The ease and speed of new application development coupled with state-of-the-art security and standards-based network connectivity positions Machfu to capitalize on a large emerging opportunity conservatively predicted to exceed $20B annually by 2025. “The big problems impeding the growth of IIoT are security and the sheer variety of legacy protocols, wireless and wireline interfaces and we have solved that problem,” said Prakash Chakravarthi, founder and CEO of Machfu.
“Machfu is an exciting company founded by seasoned professionals with deep knowledge of embedded systems, IoT, customer pain points and the barriers to scaling,” said Abhinav Jain, Vice President at CSL Ventures who joined Machfu’s Board. He added “We are excited to be a part of this journey and we are truly impressed by the quality of the management team and the unique product offering.”
“We were looking to bring in lead investors who could be true partners to Machfu,” said Prakash Chakravarthi. He added “Another thing that attracted us towards CSL Ventures was their deep domain knowledge and broad industry network, which can help expand our customer base.”
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’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 CSL Ventures
CSL Ventures was launched with the objective of addressing the rapidly evolving technical needs of the energy industry and becoming the partner of choice for leading entrepreneurs and executives. CSL Ventures complements and extends CSL Capital Management’s global network of sourcing unique opportunities, proven track record of successfully incubating and building greenfield businesses, and creatively structuring transactions through the energy cycle for the benefit of early stage and technology-focused companies and entrepreneurs. For more information visit http://www.cslenergy.com/csl-ventures.html.
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. Blu has participated in numerous follow-on rounds, which constitute nearly 50% of capital deployed to date. For more information, visit https://bluventureinvestors.com.
About Texas Ventures
Texas Ventures is a leading venture capital firm with expertise in industrial tech, software, ecommerce, fintech and telecommunications. Our investment approach is to identify emerging trends prior to recognition by the broader marketplace, and to take a proactive approach in working with management and entrepreneurs who have the desire, talent and determination to build world-class companies.
Elizabeth Curwen, 202-329-6529 or [email protected]