Funding Round Will Enable Rapid Scaling and Global Expansion
Raiven Capital, a Canada-US, early-stage venture fund, today announced its investment in Pratexo, an intelligent edge-computing and distributed cloud platform for Artificial Intelligence, the Internet of Things, and Industry 4.0 applications.
The $3.5M seed round included BCP Blitz LP and Northscaler, along with business and technology leaders from the U.S., Canada, and Scandinavia.
“We are thrilled to participate at this critical stage in Pratexo — a game changer — especially because the funding will accelerate its go-to-market strategy, the development of its platform and its specialized offerings,” said Raiven Capital’s General Partner Paul Dugsin.
Edge computing moves processes from the cloud to remote spots where cameras, sensors and other devices do more than just collect data, creating efficiencies by minimizing long-distance bandwidth needs between clients and servers. Simplifying design and speeding development, Pratexo effectively turns software architects into experienced edge computing gurus while reducing the risk, cost, and time of expensive one-off solutions.
Until now, edge computing has been all over the map with no defined standards, noted Supreet Manchanda, General Partner at Raiven Capital. “Pratexo brings both a disciplined architecture and platform to streamline development and speed up operations. Companies can reduce failure and build resilience quickly,” he said.
“I am very pleased Raiven took a significant share of this round. They know tech and have already begun to add strategic value,” said Pratexo’s CEO Blaine Mathieu. “As a Canadian, I am excited that Raiven shares a common philosophy that combines the best of Canadian innovation with Silicon Valley speed. This will ensure the company’s success,” he said.
Pratexo allows technology platforms that demand computing power at the edge, such as near sensors or cameras placed in remote locations to run better and faster. Ideally suited for shipping, energy, utilities, defense, and smart buildings & cities, Pratexo uses open and proven technologies to configure the architecture for every edge application.
Industry experts have long noted that edge computing is the future. The technology, while new, is fast-growing. As of 2018, Gartner reports about 10 percent of enterprise data was generated and processed “at the edge.” By 2025, this is predicted to reach 75%.
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