Raleigh-based edge computing startup EDJX has closed on $12 million in new financing.
The news, disclosed via a recent securities filing, comes amid a CEO change, with serial entrepreneur Benjamin Thomas recently taking over for founder John Cowan.
EDJX describes its product as an edge computing platform that simplifies writing, deploying and executing applications using serverless edge computing. The firm was founded in 2018 out of 6fusion. Thomas started as CEO in July.
A Washington, D.C.-based former NASA engineer and Accenture veteran with two successful exits under his belt, Thomas said he had a choice to make – start a new company or join one already baking.
“What it really came down to was, as I studied this industry and realized the Internet of Things is advancing faster than people thought … EDJX was really fortuitous with the vision. I believe we have the ability to lead this next wave.”
Investors are betting on its success.
Durham’s Intersouth Partners led the latest round, according to Thomas. Intersouth Partners’ Mitch Mumma didn’t immediately return a request to comment on the raise.
Intersouth had also invested in 6Fusion, which spun out EDJX four years ago.
Thomas said he also personally participated in the round.
“We’re all in this together,” he said.
A securities disclosure shows 16 investors participated and that there’s about $3 million left to go in the raise. It’s EDJX’s first seed round, and if all goes as expected it will precede a Series A planned for 2023.
The Internet of Things will place “tremendous pressure on the cloud,” requiring all new architecture. And EDJX seeks to be that new architecture, Thomas said.
EDJX’s current focus is on growing its developer base, as it recently opened up its platform. The plan is to also release new features, Thomas said.
“Really it’s just continuing to grow our user base,” he said.
Thomas said he isn’t worried about macro economic uncertainties.
“Our platform is built for IoT,” he said, adding that “corporations will continue to try to save money using IoT. … I think in some ways we’ll be relatively insulated because saving costs never actually goes out of style.”
In the meantime, Cowan has moved onto another firm, though details are sparse. His LinkedIn page shows he’s leading a “Stealth Mode Startup Company.”
