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General Electric : Software maker FogHorn raises $30 million in latest funding round

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10/04/2017 | 06:19pm CEST

(Reuters) - FogHorn Systems, whose software aims to save companies' money by streamlining data processing, said it has raised $30 million (22.61 million pounds) from investors led by Intel Capital and Saudi Aramco Energy Ventures.

Including the latest funding round, the company has so far raised $47.5 million, Chief Executive David King told Reuters in an interview on Monday.

He declined to disclose the company's current valuation.

Founded in 2014, FogHorn is one of the first companies to make software in the little-known area of fog or edge computing that locally analyses data collected from sensors deployed in industrial equipment to increase speed and save costs.

Edge computing eliminates the need for sending the data to the cloud, instead processing the information where it was generated, in milliseconds.

Many industrial companies are deploying sensors or so-called Industrial Internet of Things, which enables machines to talk to each other and detect problems before they occur.

California-based FogHorn said Honeywell Ventures also took part in the latest funding round, joining existing investors March Capital, GE, Dell Technologies Capital, Robert Bosch Venture Capital, Yokogawa and Darling Ventures.

FogHorn's computing engine can run big data analytics and machine learning on devices that have lower processing power.

The company has forged partnerships with Intel, Dell, GE and other technology companies to get its technology integrated in their products.

FogHorn, which has dozens of customers including Saudi Aramco, GE (>> General Electric Company), Dell and Hewlett Packard Enterprise (>> Hewlett Packard Enterprise Co), is in the early revenue generation stage, King said.

(Reporting by Supantha Mukherjee and Sonam Rai in Bengaluru; Editing by Bernard Orr)

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -4.44% 13.12 Delayed Quote.-24.81%
HEWLETT PACKARD ENTERPRISE -1.09% 15.47 Delayed Quote.7.73%
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Financials ($)
Sales 2018 121 B
EBIT 2018 12 991 M
Net income 2018 6 551 M
Debt 2018 60 343 M
Yield 2018 3,66%
P/E ratio 2018 24,41
P/E ratio 2019 14,69
EV / Sales 2018 1,49x
EV / Sales 2019 1,37x
Capitalization 119 B
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General Electric Company Technical Analysis Chart | GE | US3696041033 | 4-Traders
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Mean consensus HOLD
Number of Analysts 17
Average target price 17,2 $
Spread / Average Target 31%
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John L. Flannery Chairman & Chief Executive Officer
Daniel C. Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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