Today marks a big day for FogHorn! We’re excited to announce our $25M Series C funding round led by LS Corp., a Korean industrial conglomerate with over $25 billion in global revenue, which comes on the heels of 10X growth in annual license bookings. In addition to LS Corp., Forte Ventures also joined the round with our existing investors including Dell Technologies Capital, Intel Capital, Saudi Aramco Energy Ventures, Honeywell Ventures, GE Ventures, Robert Bosch Venture Capital, March Capital Partners and Darling Ventures. With this latest investment, FogHorn has raised $72.5 million to pioneer industrial edge AI/ML solutions.
Our growth of 10X over 2018 aligns with increased edge analytics and AI/ML deployments across industries, including discrete and process manufacturing, oil and gas, transportation and smart buildings. What’s more, industrial giants including Stanley Black & Decker and Honeywell signed on with FogHorn with multi-million-dollar, multi-year enterprise licenses, further expanding our impact on IIoT use cases and driving business results.
“Industrial IoT is at a tipping point. We’re seeing initiatives move quickly into full-scale deployments, especially among industries we serve in Korea and throughout the globe,” said Yumi Lee, Chief Strategy Officer of LS Corp. “FogHorn has pioneered edge analytics, ML and recently edge AI since its inception. LS looks forward to supporting the company as it continues to enable edge AI deployments and digital transformation initiatives across global industries.”
“2019 proved to be a banner year for FogHorn for license bookings, new customer acquisition and innovation,” said David C. King, CEO of FogHorn. “This latest round of funding led by LS Corp. will accelerate our growth, especially in East Asia. The series C round, so broadly supported by our existing investor base, as well as our new collaboration with LS Corp., will extend FogHorn’s ability to scale and invest in continued product innovation as we deepen our portfolio of industry use cases.”
Beyond funding and impressive growth, we have welcomed two new leadership team members, John Neville, Chief Revenue Officer and Senthil Kumar, VP of Engineering:
John Neville, Chief Revenue Officer
Before joining FogHorn, John was the Chief Commercial Officer at IoT.nxt. He has held positions in Sales, Business Development, Strategy and Consulting with large enterprises such as Digital Equipment Corporation, Honeywell Bull, Verizon, Adtran and Ericsson. He holds a Bachelor of Business Degree from SMU and has also completed the Executive program at University of Virginia Darden, as well as The Advanced Telecommunications Management program at Columbia University in NYC.
Senthil Kumar, Vice President of Engineering
Senthil joins FogHorn from Collective[i], where he was the EVP of software engineering and global head of AI and analytics. He holds a master’s degree in Computer Science and from the University of Oxford and London School of Economics, Global Executive Leadership.
Also, FogHorn has received recent accolades that expands the industry’s recognition of our work and leadership in industrial edge computing and AI:
- Market leader in Frost & Sullivan’s Global Emerging Industrial IoT-AI Platform Market
- Company of the Year - Manufacturing category by Golden Bridge Awards
- Gold winner for IoT Software – Commercial and Industrial from IoT Innovator Awards
- Gold winner for Artificial Intelligence – Intelligent Systems from Globee Awards
To learn more about FogHorn’s Series C funding, view the full press release.