In the latest financial update, raised an additional $22 million to its Series B funding, accumulating a total of $54 million. This remarkable accomplishment paves the way for its entry into the U.S. market and a stronger presence in the Industrial Internet of Things (IIoT) domain. Fabio Violante, the CEO of Arduino, commented on the milestone, saying, "This investment will allow us to further fuel our transformational platform initiative for professional customers, lowering the barriers to entry in IoT and AI by providing a continuum from hardware to Cloud."
Arduino's current total funding for Series B stands at a commendable $54 million. Notably, ARM, whose processors drive Arduino's IIoT-centric Pro devices, has been a significant contributor. This capital infusion will be channelled to fortify its new establishments in Austin and Chicago, and to boost its R&D prowess in Torino, Italy. Arduino's vision includes enhancing its corporate solutions by introducing novel application libraries and integrating AI functionalities into the commercial segment of Arduino Cloud.
Massimo Banzi, co-founder, chairman, and CMO of Arduino, stated, "Arduino came a long way from its humble beginning, becoming a powerful industrial tool used by cutting-edge organizations all over the world. I’m honoured by this investment which is a further confirmation that our original formula keeps applying to new domains." The strategic partnership between Arduino and Arm is deepening. With Arduino's Pro gadgets relying on Arm's processor technology and the recent shift of the Arduino UNO series to Arm from Microchip's AVR, the bond is evident.
