Balena raises $14.4m to extend edge computing
August 1, 2019
Edge computing company Balena has raised $14.4m to expand it team and bring edge computing to more developers as it sees the number of IoT devices managed on its platform growing by four times year-over-year.
The series B investment was led by OpenView, with participation from existing investors including Threshold Ventures, Aspect Ventures and GE Ventures.
Seattle-based Balena's mission is to unlock the potential of physical computing by removing friction for IoT fleet owners. The company's full-stack platform offers a complete end-to-end product that makes it easier for every developer to build applications for IoT and the edge.
Balena (formerly known as Resin.io) was founded in 2013 by a team of developers who had experienced first-hand the frustration of deploying and managing fleets of connected devices. After realising that nothing existed to meet their needs, they decided to build a platform for all IoT developers.
"We believe that edge computing is the next major computing paradigm, and it needs a scalable development platform to match," said Balena CEO Alexandros Marinos. “We're building that platform and making the edge accessible to mainstream developers.”
The Balena team has built the company with one question in mind: What does a mainstream developer need to succeed on the edge? One of the team's first key breakthroughs was getting Docker running on a Raspberry Pi. Since then, the company has built an entire container-based software platform for developing, deploying and managing code on fleets of IoT devices. Balena has also recently released its first hardware product, the BalenaFin, a carrier board for the Raspberry Pi compute module designed for professional IoT deployments.
"The edge has unique characteristics, including heterogeneous hardware, networking and physical environments, that require a new platform, one that has been purpose-built from the ground up," said Marinos. "A platform with a complete set of tools that solve the intricate challenges faced by fleet owners, which is exactly what we've built."
Today, Balena-powered devices are being used around the world in everything from robotics and manufacturing to transport and building management. By enabling developers to scale their fleets quickly and easily, the company is growing the number of devices managed on the platform by nearly four times year-over-year.
"From prototype to production, the next generation of edge applications are being built on Balena," said Mackey Craven, partner at OpenView. “We couldn't be more excited to support their growth as they catalyse a new age in edge computing.”
The funding will be used to expand Balena's capabilities and continue building products that make the connected world accessible to all. The company's aim is to become the default choice for developers building IoT projects.
Balena is also looking to expand its globally distributed team and is on the lookout for people across many areas of the business, from engineering and operations to growth, marketing and sales.
Founded in 2013, Balena helps companies develop, deploy, update and manage IoT devices. Using Linux containers and other modern cloud technologies, Balena helps developers build fleets of connected devices. The company has offices in Seattle, London, Athens and Milan, with team members based worldwide.