Saudi Aramco Energy Ventures, the corporate venturing subsidiary of the Saudi Arabian Oil Company and a consortium acquired stake in California-based FogHorn Systems in an investment offering totaling $15 million.
FogHorn Systems is a privately held company founded in 2014 by Mohan Reddy, T.M. Ravi and Kamesh Raghavendra. The company is a leading developer of "edge intelligence" software for industrial and commercial IoT applications. (Saudi Aramco Energy Ventures is the corporate venturing subsidiary of Saudi Aramco, the world's leading integrated energy and chemicals company. They invest globally into early-stage and high growth companies that have strategic importance to its parent, Saudi Aramco.)
Saudi Aramco Energy Ventures is listed in the Middle East Investors Directory with the code SINOC23.
More details follow:
FogHorn Systems, a leading developer of edge analytics and machine learning software ("edge intelligence") for Industrial Internet of Things (IIoT) applications, announced today that it has raised additional Series A funding from Dell Technologies Capital and Saudi Aramco Energy Ventures (SAEV). The extended funding brings FogHorn's total Series A round to $15 million, excluding the conversion of $2.5 million in seed funding. Dell Technologies Capital added to its initial Series A investment. Saudi Aramco Energy Ventures is a new investor in the company.
"This investment increases what has already been Silicon Valley's largest initial round of funding for a startup focused on fog computing and edge intelligence technology," said FogHorn CEO David C. King. "Since our series A funding announcement in mid-2016, FogHorn has made significant strides, including the release of FogHorn Lightning--the industry's leading IIoT edge analytics and machine learning software platform--a significantly expanded strategic partner ecosystem of industrial OEMs and IIoT systems integrators, as well as numerous industry awards, including Gartner's recent recognition of FogHorn as a 'Cool Vendor in IoT Edge Computing, 2017'. This extended funding will be used to solidify FogHorn's position as the leader in IIoT edge intelligence and to further expand the company's geographic reach and addressable market."
"The development of intelligent edge computing solutions driven by analytics and machine learning insights is a strategic game changer for businesses in every industry," said Gregg Adkin, vice president and managing director of Dell Technologies Capital. "FogHorn has made tremendous progress in a short amount of time and the company's proven ability to apply its edge intelligence expertise across a wide variety of IIoT use cases is extremely impressive."
According to Cory Steffek, Managing Director North America of Saudi Aramco Energy Ventures (SAEV): "FogHorn is on the leading edge of IIoT edge intelligence for the energy sector as a whole, especially in the oil and gas industry. We see digital solutions and Industrial IoT as the future for every area of our business -- upstream, midstream and downstream. We are actively investing in companies like FogHorn because of their technology vision and ability to bring breakthrough innovations to our diverse operations."
"We are extremely pleased to have Dell Technologies Capital and Saudi Aramco Ventures as investors in FogHorn," said David C. King, FogHorn CEO. "Both Dell and Saudi Aramco have been massively successful in their respective domains and we look forward to forging deep strategic ties with both companies. Gregg Adkin has been a highly valued FogHorn board observer for over a year and I look forward to working closely with Cory Steffek (SAEV Managing Director and new FogHorn board observer) and the whole SAEV team going forward."
FogHorn is a leading developer of "edge intelligence" software for industrial and commercial IoT application solutions. FogHorn's Lightning software platform brings the power of advanced analytics and machine learning to the on-premises edge environment enabling a new class of applications for advanced monitoring and diagnostics, machine performance optimization, proactive maintenance and operational intelligence use cases. FogHorn's technology is ideally suited for OEMs, systems integrators and end customers in manufacturing, oil and gas, power and water, transportation, renewable energy, mining and agriculture, as well as Smart Building, Smart City and connected vehicle applications.
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world's leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran, with offices in North America and Europe, SAEV's mission is to invest globally in startups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.
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