Edge-native application platform brings unprecedented agility and safety to commercial and industrial IoT; Tuscan Management led the round with strategic investment from Chevron Technology Ventures
SAN FRANCISCO, Dec. 16, 2020 /PRNewswire/ -- Nubix today announced it has closed $2.7 million in seed financing led by Tuscan Management with strategic investment from Chevron Technology Ventures, in addition to participation from other new investors. The new round brings the total funding for the company to $4.5 million. Joshua Silber, managing partner at Tuscan Management, will join the company's board. The funding will be used to expand engineering and enable Nubix to further capitalize on its position as a leader in edge-native application platforms.
According to Arm, there are 160 billion devices at the edge with 6.4 billion shipped in the last quarter of 2019 alone. Two-thirds of these devices are microcontrollers (MCUs) that are rigid to innovation and inherently risky to update. Nubix solves this problem with a real-time operating system (RTOS) container and services solution for MCUs, making the development and deployment of Internet of Things (IoT) and edge applications possible. Built on the premise that edge computing could rival the power of the cloud with the same agility, analytics and intelligence available on even the tiniest compute devices at the edge, Nubix empowers developers to easily analyze and take action on data being generated in real-time on a sensor device.
Institutional investors Chevron Technology Ventures, Blackhorn Ventures, Engage Ventures, Center Electric, Momenta Ventures, and Mentors Fund joined the new round, along with investment from current investor Bee Partners. A common focus for this portfolio of investors is helping early-stage technology firms commercialize their offerings by partnering with industrial-focused corporate innovators.
"Businesses worldwide are investing in digital transformation initiatives with IoT-based solutions. Our unique innovation in container and services technology enables unprecedented agility and safety when building, deploying and managing applications at the edge. We're delivering on digital transformation's requirements for agile compute at the edge, empowering organizations to analyze data in real-time where the data is actually created," said Rachel Taylor, Nubix co-founder and CEO. "This is a massive market opportunity for Nubix and we look forward to working hand-in-hand with our new investors as we drive agility and intelligence to the edge."
"Just as containers helped accelerate the move to cloud solutions through improving the security, speed of development and update process, we see the potential for Nubix's approach to similarly transform how devices at the edge are developed and maintained. As the edge continues to expand, Nubix's solution has the potential to become the primary way teams solve the ever-increasing complexity of maintaining and updating these devices," noted Logan Grizzel, Blackhorn Ventures CTO.
"With a real-time monitoring system in place, we can now make 'game-time' decisions based on knowledge of flows and precise tank levels. This approach will reduce cost and improve measurement, accuracy and staff safety while enabling customized management of facility activities," said Robert Fortenberry, co-founder and vice president at Surge Solutions, Inc., a Nubix customer. "We consider Nubix an integral part of our asset development strategy."
Nubix tiny containers and tiny services change how businesses think about IoT development. The develop once, deploy anywhere capability and container-based deployment put the focus on building functionality, not hardware and legacy firmware issues that are barriers to IoT success. Microcontainer technology enables containerized applications to be safely distributed to devices and executed by the container runtime. The application logic can be updated and redeployed without any updates or changes to the container OS, enabling smaller, faster and less risky updates. For more information, visit nubix.io.