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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

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)

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Financials ($)
Sales 2017 125 B
EBIT 2017 15 781 M
Net income 2017 11 569 M
Debt 2017 69 599 M
Yield 2017 4,04%
P/E ratio 2017 18,53
P/E ratio 2018 15,72
EV / Sales 2017 2,21x
EV / Sales 2018 1,97x
Capitalization 206 B
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Daniel Janki Treasurer & Senior VP-Global Operations
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Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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