Powering more than 5 million devices, Rigado’s Series A funding, led by Madrona Venture Group, follows strong global revenue growth and the launch of Rigado Cascade
June 19, 2018 – PORTLAND, Ore. — Rigado Inc., a global provider of commercial IoT Edge-as-a-Service solutions, today announced it has closed a $15 million Series A round of funding, 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 Rigado solutions 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 further extend its global footprint. Joining the board will be Len Jordan from 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 personalize consumer services in retail locations,” commented Len Jordan, managing director, Madrona Venture Group. “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 fueled by accelerated new product development. It opened an EMEA headquarters in London and seeks to continue to extend its international footprint with today’s 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 organizations and their IoT partners, a testimony to the hard work of the Rigado team,” said Ben Corrado, CEO, 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 our solutions to more enterprises worldwide.”
Rigado Cascade Edge-as-a-Service
Rigado recently announced Cascade, its integrated Edge-as-a-Service solution built on Microsoft Azure for IoT edge connectivity, computing and security. Offered as a simple monthly subscription, Rigado Cascade reduces the complexity, risk and cost of large-scale commercial IoT deployments.
The Cascade IoT Gateway solution integrates with Azure IoT to enable smart building solutions at scale. Rigado is a limited preview partner of new Azure IoT spatial intelligence capabilities announced this month.
Bert Van Hoof, Partner, Group Program Manager Azure IoT, Microsoft, stated “The internet of things (IoT) and artificial intelligence (AI) have great potential to help building owners, operators, and occupants manage and dwell in buildings with greater efficiency—saving costs and energy, and organizing space in a way that best fits a company’s culture and goals. New Azure IoT capabilities make it easy to create, scale, manage, and secure solutions that take advantage of spatial intelligence. Rigado’s solutions provide 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 10 fastest growing privately-held business in Oregon by the Portland Business Journal. Rigado’s edge solutions power more than 300 global customers and 5 million connected devices across Commercial IoT solutions such as Asset Tracking, Smart Lighting, and Sensing and Monitoring in markets like Smart Workplaces, and Connected Retail and Logistics. Rigado is headquartered in Portland and Salem, Oregon with offices in London, UK and Shenzhen, China. Rigado can be reached at www.rigado.com.