Litmus Automation Secures $7 Million Series A Financing From Mitsubishi Corporation
Industrial Edge Computing platform provider to expand and accelerate growth to meet the demand for Industry 4.0
SAN JOSE, Calif., September 4, 2019 (Newswire.com) - Litmus Automation, an Industrial Edge Computing platform provider, today announced it has completed a $7 million Series A round of financing led by Mitsubishi Corporation. The investment brings Litmus Automation’s total funding since launching its secure Industrial Edge Computing platform to $12.6 million and will help the company quickly ramp up sales and marketing efforts to meet the demand for companies ready to move to Industry 4.0.
Litmus Automation had been working with Mitsubishi Corporation and its subsidiary when the investment discussions began after they saw the early interest in the market for Litmus Automation products. Litmus Automation’s LoopEdge Industrial Edge Computing platform helps customers seamlessly integrate and analyze their industrial devices from edge to cloud.
“We invested in Litmus Automation because their Edge Computing platform fills a huge gap in the market,” said Takao Shinohara, General Manager, Mitsubishi. “We are confident in their excellent team and their ability to help companies realize the value of Industry 4.0 quicker and more effectively than any other provider. They already have key customers and OEM channels in place and we look forward to helping them expand.”
Litmus Automation was recently positioned in the 2019 Gartner Magic Quadrant for Industrial IoT Platforms. LoopEdge allows industrial customers to connect to any type of PLC or industrial system, with the ability to collect, process and analyze data at the Edge with a marketplace of applications, and secure connectivity to the Cloud or other enterprise integrations. LoopEdge Manager enables data aggregation in the Cloud or on-premise, with built-in analytics and real-time visualization of data, and for secure lifecycle management and deployment of Edge devices.
“We already have key customers and channels scaling up nicely but we are seeing the market expand and adopt Industry 4.0 at a more rapid pace – the funding will allow us to capture this opportunity,” said Vatsal Shah, CEO and co-founder of Litmus Automation. “Manufacturing customers know they want to collect valuable data from their existing and new industrial systems and use it to make business decisions in real time. Our Edge Computing platform will allow them to take advantage of intelligence at the edge quickly and with an eye on future service such as predictive maintenance and artificial intelligence.”
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise with operations covering a wide range of industries and organized into 10 business groups (Natural Gas, Industrial Materials, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development). The company is headquartered in Tokyo, Japan.
About Litmus Automation
Litmus Automation bridges the gap between data in the field or factory and business applications for companies looking to implement Industrial Internet of Things (IIoT) solutions. Litmus Automation’s offerings, LoopEdge and Loop, work seamlessly together to allow companies to access and exploit data previously trapped inside enterprise hardware, no matter where or when it was deployed. Working with original equipment manufacturers and other industrial companies, Litmus Automation’s proven IIoT solutions offer data and device management so companies can optimize both how they run their business and how their customers’ businesses operate. Litmus Automation customers include 10+ Fortune 500 manufacturing companies, while partners like Siemens, HPE, Intel and SNC Lavalin expand the Company’s path to market. For more information, visit www.litmusautomation.com.
Source: Litmus Automation
Categories: Business Finance