Arduino acquires additional 22 million US dollars
06 September 2023 23:52
Arduino SA based in Lugano in the canton of Ticino has raised its capital by 22 million US dollars in a funding round. It was led by the largest Italian venture capital company, CDP Venture Capital, and Anzu Partners from Boston, MA. The British semiconductor specialist Arm was also involved as an existing investor. According to a press release, the total amount of series B financing is now 54 million US dollars. Arduino had already secured the first tranche amounting to 32 million US dollars from Robert Bosch Venture Capital in 2022.
The company specializing in open-source hardware and software plans to use the capital from this series B funding to strengthen its research and development team in Turin. A total of 22 million US dollars is to be invested for this alone. Another large part is intended for expansion of the company’s presence in the two North American locations of Austin, TX, and Chicago, IL. Arduino hopes to accelerate its market entry and intensify customer care in other selected locations as well.
Mario Branciforti, Head of the Ventures fund of CDP Venture Capital, commented in the press release: “We are proud to support the dimensional leap of Arduino, a unique global excellence in the democratization of open-source hardware and software.” Arduino’s CEO Fabio Violante stated: “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.” ce/ww