Arduino raises $22m to increase embedded AI, expand US growth

Author: EIS Release Date: Sep 19, 2023

Arduino has announced that it has completed a $22 million investment round, taking its Series B funding to $54 million.

 

Arduino raises $22m to increase embedded AI, expand US growth

 

The funding round was co-led by CDP Venture Capital and Anzu Partners. Also on board was Arm, which was apparently following up on earlier investments.

 

The investment will be used to expand its R&D team in Turin with the specific goal “to grow enterprise application libraries and the Arduino Cloud for Business with more integrations and embedded AI features,” said the organisation.

 

 

It will also be used to help expand growth in the United States, where Arduino has a presence in Chicago and has recently opened an office in Austin.

 

 

Investors

CDP Venture Capital is an Italian VC firm, and it invested through its Large Ventures fund.

 

“We are proud to support the dimensional leap of Arduino, a unique global excellence in the democratization of open-source hardware and software,” said Mario Branciforti, Head of CDP Venture Capital SGR’s Large Ventures fund.”

 

For its part, Anzu Partners – a U.S. Boston-based investment firm that focuses on industrial and life science technology – highlighted a convergence of AI and IoT.

 

“The enterprise ecosystem is on the cusp of a seismic transformation, driven by the convergence of efficient AI and IoT at the edge,” said Jimmy Kan, Partner at Anzu Partners. “Arduino stands at the heart of this revolution, and their commitment to innovation promises to redefine the industry norms.”

 

Finally, Arm highlighted Arduino’s role in IoT applcations:

 

“Arduino supports an extensive community of developers who play a crucial role in accelerating the deployment of new computing solutions for IoT applications,” says Paul Williamson, senior vice president and general manager, IoT Line of Business at Arm.

 

Arduino

Arduino is an open source hardware and software company known for its single board computers, which traditionally were based on Atmel MCUs. It has since spread to accommodate other platforms, such as Arm, also with support for ESP32.

 

“Arduino came a long way from its humble beginning, becoming a powerful industrial tool used by cutting-edge organizations all over the world,” said Massimo Banzi, Arduino’s co-founder, chairman and CMO (right). “I’m honored by this investment which is a further confirmation that our original formula keeps applying to new domains.”