The cloud-based edge management startup Zededa Inc. announced it raised $72 million in Series C funding Wednesday to further integrate artificial intelligence and machine learning into its products.
The round was led by Smith Point Capital, founded by former Salesforce Co-CEO Keith Block.
"This latest round of investment validates our leadership position as the preferred choice of large enterprises for their edge management and orchestration needs,” Zededa founder and CEO Said Ouissal said in a statement.
Founded in 2016, the San Jose-based Zededa provides cloud-native, distributed edge management and orchestration solutions for multiple industries, including manufacturing, retail, health care and logistics.
Edge computing is a distributed computing model that brings computation and data storage closer to the location where it is needed, improving response times and saving bandwidth. This allows data to be processed more quickly by applications especially when real-time data processing is required.
According to the statement, since its founding Zededa has now raised more than $127 million in funding. Returning investors Lux Capital, Chevron Technology Ventures and Porsche Ventures were joined in this round by newcomers Hillman Company, LDV Partners, Endeavor Catalyst Fund and Forward Investments (DEWA — Dubai Electricity and Water Authority).
Speaking with Bloomberg, a source said the new funding brings the Zededa's valuation to around $400 million, "double its $193 million value at the time of its last round in 2022."
"Said and his team have a big vision and have already solved critical pain points around deploying workloads at scale for several enterprise verticals," Smith Point Capital CEO Keith Block said in a statement.
