Industrial IoT Startup Closes $30M Funding Round
Industrial IoT (IIoT) startup Litmus Automation has closed its series B funding round with $30 million, as its IIoT Edge platform saw widespread growth.
The latest round was led by Belden and brings the company’s funding total to $42.6 million. The funds will reportedly be used to scale sales and for marketing and customer support, as well as to extend services to enterprise customers.
Litmus Automation helps manufacturers collect edge device data, and its Edge platform has boomed to become the standard for Industry 4.0. Enabling connectivity to hundreds of OT assets, Litmus Edge creates a single access point for data across an enterprise.
“We’ve always been a product-led company,” said Vatsal Shah, Litmus CEO. “This investment proves that the product we’ve developed is leading the market in solving OT complexity to capture the data needed to power advanced Industry 4.0 use cases.”
“Our investors are validating both our business model and our technology by coupling it with their offerings to help customers digitally transform, increase efficiency and improve their bottom line,” Shah added.
Using Litmus’ platform, the company says manufacturers can improve performance, increase efficiency and ultimately boost profits as companies move towards Industry 4.0.
Under the terms of the latest funding, Belden will partner with Litmus to expand the reach of both companies’ edge solutions.