Rigado raises $15m to expand IoT edge-as-a-service
July 10, 2018
Oregon-based Rigado has closed a $15m series A round of funding to expand its commercial IoT edge-as-a-service offering.
The funding round was led by Madrona Venture Group with participation from Vanedge Capital, Rogue Ventures, FusionX Ventures and the Oregon Venture Fund.
The investment will be used to expand its engineering, sales and deployment teams to meet growing demand for its products that provide connectivity, computing and security for large-scale IoT applications such as smart buildings, asset tracking and connected retail. In addition, the funding will be used to help Rigado extend its global footprint.
Joining the board will be Len Jordan, managing director of Madrona, and Moe Kermani from Vanedge Capital.
“The commercial IoT market is growing quickly as business owners understand the need for widespread supply chain control, smart buildings, asset tracking and the ability to personalise consumer services in retail locations,” said Jordan. “Rigado’s team has a deep understanding of both the technology and customer challenges and we are excited to help them grow to be a global powerhouse.”
In the year since Rigado announced $5.2m in seed funding, the company has seen rapid year-over-year growth fuelled by accelerated product development. It opened an Emea headquarters in London and seeks to continue to extend its international footprint with this funding. Rigado partners with a broad set of companies to deploy their complete edge IoT service in locations across the globe.
“The past year has seen very strong growth and interest from commercial organisations and their IoT partners, a testimony to the hard work of the Rigado team,” said Ben Corrado, CEO of Rigado. “We’re proud to be working with a team of creative, dedicated employees and innovative companies who use Rigado’s edge infrastructure to deploy their IoT applications on a global scale. From faster time to RoI to greater security and enhanced management, we look forward to further accelerating Rigado innovation and extending to more enterprises worldwide.”
Rigado recently announced Cascade, its integrated edge-as-a-service platform built on Microsoft Azure for IoT edge connectivity, computing and security. Offered as a monthly subscription, Cascade is said to reduce the complexity, risk and cost of large-scale commercial IoT deployments.
The Cascade IoT gateway integrates with Azure IoT to enable smart building services at scale. Rigado is a limited preview partner of Azure IoT spatial intelligence capabilities announced this month.
“The internet of things and artificial intelligence have great potential to help building owners, operators and occupants manage and dwell in buildings with greater efficiency, saving costs and energy, and organising space in a way that best fits a company’s culture and goals,” said Bert Van Hoof, group programme manager for Azure IoT at Microsoft. “New Azure IoT capabilities make it easy to create, scale, manage and secure solutions that take advantage of spatial intelligence. Rigado provides a key ingredient in this context, enabling a range of new real estate applications that can help bring the next level of smart to the built environment.”
Founded in 2010, Rigado was recently ranked a top-ten fastest growing privately-held business in Oregon by the Portland Business Journal. Rigado’s edge products power more than 300 global customers and five million connected devices across commercial IoT services such as asset tracking, smart lighting, and sensing and monitoring in markets such as smart workplaces and connected retail and logistics. Rigado is headquartered in Portland and Salem, Oregon, with offices in London, UK, and Shenzhen, China.