EdgeIQ, provider of DeviceOps software for the Connected Product Economy, announced that it raised $8.5 million in financing led by First Analysis with participation by Mathers Associates and Koa Labs. The latest investment will allow EdgeIQ to accelerate the release of new product capabilities, expand its leadership team, and grow overall global market presence.
Companies that make smart, connected products use EdgeIQ DeviceOps software to simplify the lifecycle management of devices and their data. Beyond device and data management, EdgeIQ makes it easy to integrate with a customer’s chosen cloud services and orchestrate important workflows throughout a device’s value chain. There are an estimated 50,000 product manufacturers that deploy, manage, integrate, analyze and monetize billions of connected devices. Almost all of those companies are unnecessarily writing and maintaining their own infrastructure software for DeviceOps. This drains valuable resources from their most strategic priorities.
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“We are thrilled to add First Analysis, Mathers Associates and Koa Labs to the EdgeIQ team. We were very deliberate in choosing financial partners that understand the enormous opportunity of helping connected product companies accelerate their business and digital transformation,” said Michael Campbell, Founder & CEO at EdgeIQ. “A lot of investors talk about being thesis-led, but the deep market knowledge and research-led approach of First Analysis was obvious from our first conversation.”
First Analysis Managing Director Howard Smith commented, “Flexible and scalable DeviceOps is critically important to all companies providing connected products, and we believe companies will increasingly opt for third-party DeviceOps software. EdgeIQ’s unique architecture, proven reliability and visionary team position it well for market leadership. I am thrilled to be joining Michael and his team to scale the company.”
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The complexity and scale of connected product innovation requires much more than narrowly-focused software management point solutions or all-encompassing IoT platforms. DeviceOps best practices require an integrated approach to how product management, engineering, field service, channel management and customer operations enable their new product and business models. EdgeIQ provides software to implement and scale global DeviceOps implementations.
“Mathers is a long time and trusted partner of First Analysis, and we are thrilled to partner again on this exciting opportunity to support the EdgeIQ team,” said Elliot Zeelander, Managing Partner at Mathers Associates, who will join EdgeIQ’s Board of Directors in connection with the investment.
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