Industrial edge computing provider Litmus Automation wins US$7mn Series A financing from Mitsubishi
Vatsal Shah of Litmus Automation
Litmus Automation, an Industrial Edge Computing platform provider, has completed a US$7 million (€6.3 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 (€11.3 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 their 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 analyse 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 realise 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 analyse data at the Edge with a marketplace of applications, and secure connectivity to the Cloud or other enterprise integrations. Loop EdgeManager enables data aggregation in the Cloud or On-premise, with built-in analytics and real-time visualisation 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.”
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