Edge solutions firm Zededa has closed $26 million (£21m) in Series B funding from the likes of Samsung and Porsche towards growing its customer base and expanding its research and development.
The San Jose-based company saw all of its existing investors participate in the latest round, led by Core Energy 7, bringing its total funding to $55 million (£45m).
As well as Samsung Next and Porsche Ventures, companies from a wide range of industries participated in the round, including: Lux Capital, Chevron Technology Ventures, Coast Range Capital, Juniper Networks, and Rockwell Automation, amongst others.
Founded in 2016, Zededa is a distributed edge orchestration and virtualisation software provider. It offers an enterprise edge cloud-based service that delivers visibility and control for distributed edge applications and networks.
Said Ouissal, founder and CEO of Zededa, said: “All aspects of our business – from a growing base of Global 500 customers to major strategic partnerships and growth in deployed edge nodes – are on a terrific path.
“This latest round of investment validates that our open framework and ecosystem approach to the distributed edge is the ideal choice for the future of connected operations.”
A recent Worldwide Edge Spending Guide from IDC forecasted double-digit growth for investments in edge computing. This year’s total is expected to be $176 billion (£145bn) , an increase of 14.8% over 2021, with a 2025 target of nearly $274 billion (£225bn).
“The market for edge computing solutions is poised for tremendous expansion, and we believe Zededa will be a major contributor,” said Tom Gallo, managing partner at Coast Range Capital.
“They combine innovation and expertise like no one else in the industry, and we are excited to join them on their journey in this round of funding,” he added.
In the past 12 months, Zededa has catapulted itself to the forefront of edge computing. The company’s revenue has grown seven-fold year-over-year whilst its number of nodes under management has quadrupled.
Having already signed strategic partnerships with leading global tech firms such as Google, Microsoft, PTC, and SUSE, Zededa is looking to further integrate its solutions with other Global 500 companies.
Zededa will use the latest round of funding to support its expanding customer base, accelerate research and development, and expand its marketing and sales operations.
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