Some, like Bumble, have already filed to go public, while others are testing the watersRead more...
Glassbeam will use the funding to build out SCALAR, its Internet of Things platform
The Internet of Things is a super exciting space from a consumer point of view. A smart cup that can tell you how much you have had to drink? A smart fork that can tell you how many calories you're burning? Sigh me up!
I can imagine that it would be daunting from the other side of the equation, though. With nearly every device eventually streaming loads of data, the companies that are receiving could easily get overwhelmed by just the sheer amount of it coming in.
Glassbeam, a machine data analytics company in the Internet of Things space, wants to help those companies both organize, and understand, that data better. And now it has raised $2 million in a funding round led by VKRM Group to expand its signature product, it was announced on Wednesday.
The company had previously raised over $6 million, including a $3 million round in September of 2013. This latest round brings its total funding to $8.1 million.
The Santa Clara-based Glassbeam helps companies make sense of machine data generated by the Internet of Things by providing a platform and set of app that help them reduce costs, increase revenues and accelerate product time to market. It helps them better understand deployments and troubleshoot problems.
For example, one of Glassbeam's customers is IBM, which has multiple product lines, including 8 to 10 products in the storage market. IBM has thousands of devices generating machine data, which are are using Glassbeam on a daily basis to tell them how those devices are working or not working. Glassbeam gives them analytics such as storage capacity, storage usage after 90 days and CPU usage after 30 days.
The new funding will go toward building up Glassbeam's signature product, its Internet of Things platform called Glassbeam SCALAR.
"We’re gearing up to make the platform so that customers can utilize predictive analytics and derive even greater value from the platform," Puneet Pandit, CEO and founder of Glassbeam, told me in an interview. "The IoT space is white-hot and has tons of interest in today’s economy. We’re excited to be one of the leading startups in this exploding space that is expected to add trillions of dollars to the World economy in the next few years."
In addition to funding round, Glassbeam has also announced that is had made some key leadership hires to take it to the next level as well.
First, it has promoted Kumar Malavalli, Glassbeam’s co-founder, key investor and current chairman, as its new chief strategy officer (CSO). In his new role he will helpshape Glassbeam’s strategy, guide the company’s accelerating growth and help assert its position as a leader in the IoT space.
"Kumar is a luminary in the Silicon Valley and has led multiple startups to successful liquidity events. Having him on the team in an active operational role has numerous benefits," Pandit said.
"He has a solid track record in opening up new markets, including SAN Fibre Channel with Brocade, and Cloud based DR with InMage, through stellar partnerships and business development activities. We expect him to play the same role for Glassbeam in new IoT analytics space."
In addition, Sashi Reddi has been named to the company's board of directors. Reddi is the founder and managing partner of seed stage venture capital fund SRI Capital,
"Sashi brings tremendous experience and very valuable industry insights to Glassbeam that help shape product roadmap and go-to-market strategy," Pandit told me. "Sashi is also a seasoned analytics industry executive from his role at CSC recently (he was VP Big Data Analytics). He is also a serial entrepreneur who knows well on how to start, build and exit companies with high valuation multiples."
Both hires are geared toward giving Glassbeam an experienced team to be a leader in the space.
"We’re at the cusp of a very exciting phase in our company’s trajectory. With our proven technology in production with leading blue chip accounts like IBM, Aruba Networks etc, we are well positioned to take a leadership role in IoT analytics space," said Pandit.
Launched in 2009 Glassbeam counts customers and partners that include Fortune 500 companies, as well as enterprises across a variety of markets including storage, wireless, networking and medical devices.
(Image source: glassbeam.com)
Support VatorNews by Donating
Read more from our "Trends and news" series
The company uses AI to help users get diagnosed, while also allowing them to connect with a doctorRead more...
Take a closer look at the dating market as an investorRead more...