Crosser raises €3 million to advance streamings platform for Industrial IoT

Crosser, the leading low-code platform for Streaming Analytics, Automation and Integration for Industrial IoT, today announced its latest funding round of €3 million in new capital. The round was led by NTT DOCOMO Ventures and Montan-Ventures-Saar with existing investors Industrifonden, Spintop Ventures, 42 Cap, Almi Invest and Norrlandsfonden also participating. Gartner reports that low-code technologies will remain on a strong trajectory for 2021 and beyond as it enables companies to rapidly build and deploy use cases without the use of professional programmers.

“The complexity of Industrial IoT makes the skills barrier higher than in most other enterprise verticals. We like to argue that the value of low-code platforms is hence even higher for industrial companies” says Martin Thunman, CEO and co-founder of Crosser. “With this financing round we aim to bring more innovative low-code solutions to the market, all aimed to help industrial companies move faster in their digitalization journey by putting the power of innovation in the hands of non-developers, often called Citizen Developers”. Crosser has a unique hybrid architecture that allows companies to innovate centrally with a low-code approach and at the same time enables them to easily deploy the software anywhere, on the edge, on-premise or in the cloud. The hybrid architecture combines the best of two worlds; the simplicity of modern cloud technologies and the secure and low cost processing of data close to the data source, on premise or on an edge device.

NTT DOCOMO Ventures is the investment arm of NTT Group, one of the largest telecommunications companies in the world. NTT Data, another NTT Group entity, is one of the world's largest systems integrators. Telecom companies and Enterprise System Integrators are two major stakeholders in IoT and Industrial IoT.

Takayuki Inagawa, President and CEO of NTT DOCOMO Ventures comments: “We believe that the visual programming capabilities that Crossers low-code platform offers can play a key role in accelerating the adoption of Industrial IoT. We look forward to partnering with Crosser to promote digitalization processes of manufacturing companies in Japan and globally”. *** Montan-Ventures-Saar is a venture firm with roots in the Saarland Steel industry in Germany. As the ventures arm of the Montan-Stiftung-Saar trust it invests in disruptive technologies along the process industry.

“We experience in our own steel companies the challenges and complexities of Industrial IoT”, says Reinhard Störmer, Chairman of the Board of Trustees of Montan-Stiftung-Saar. “The combination of the low-code approach and the ability to run the Crosser streaming analytics platform in the production processes we believe are key to enable fast and secure innovation in this field.”

Martin Thunman, the CEO of Crosser concludes: “We are very excited to have two new investors onboard that brings deep industry understanding to the table and that also gives us access to important markets.”

Source: Crosser, Photo: Fotolia