16 December 2019:
Machfu has raised $3.75 million in Series A round of funding. The funding round was led by CSL Ventures. Blu Ventures, Texas Ventures and Texas Halo Fund also participated in the funding round.
The company will use the fresh funds to to accelerate its successes in Smart Grid and Oil & Gas markets and expand its footprint in the industrial space.
Abhinav Jain, Vice President at CSL Ventures will join Machfu’s Board.
Prakash Chakravarthi, founder and CEO of Machfu, said, “The big problems impeding the growth of IIoT are security and the sheer variety of legacy protocols, wireless and wireline interfaces and we have solved that problem.”
Prakash Chakravarthi, added, “We were looking to bring in lead investors who could be true partners to Machfu. Another thing that attracted us towards CSL Ventures was their deep domain knowledge and broad industry network, which can help expand our customer base.”
Abhinav Jain, Vice President at CSL Ventures, said, “Machfu is an exciting company founded by seasoned professionals with deep knowledge of embedded systems, IoT, customer pain points and the barriers to scaling. We are excited to be a part of this journey and we are truly impressed by the quality of the management team and the unique product offering.”
(Image – Machfu)