Why we invested in Edgeworx
Today Edgeworx, one of our newest portfolio companies, came out of stealth and announced their funding. We're excited to share the news and look forward to seeing more companies adopt their open source ioFog platform.
At Samsung NEXT, we see data exploding at a exponential rate, and believe more systems will need to move toward computing at the edge. These systems will require a new way of thinking about how to manage them.
Edgeworx fits perfectly into this thesis: It is solving hard technical problems for operating robust and manageable systems where logic can be running at the edge. It's doing that by offering a flexible, secure, and convenient way for organizations operating Industrial IoT devices to easily collect and analyze data from those operations.
Data generated at the edge could drive real value for industrial IoT operators, but very little of it is actually being used today. As more devices come online, that problem will accelerate. According to a McKinsey study, there will be as many as 30 billion IoT devices in the field by 2020, but today's infrastructure can't support the massive amount of data they will produce.
The solution is to move more data collection and analysis to the edge devices themselves, rather than sending data to the cloud for processing. Today, most solutions promise "real-time analytics" and control at the cloud or data center network edge, but they merely provide data aggregation and event filtering capabilities near the source of data generation, mostly using gateways.
That's how Edgeworx is different. Its technology was designed from the ground up to be the infrastructure layer for edge devices, and to interface with legacy systems and cloud and data center so easily that it appears native to other systems...
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