Machfu raises $3.75 million to accelerate IIoT in Smart Grid and Oil & Gas markets
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.”