Viam Raises $45M to Accelerate Software Development for the Applications that Power Hardware Across Robotics, Smart Machines, IoT, and more

Viam Raises $45M to Accelerate Software Development for the Applications that Power Hardware Across Robotics, Smart Machines, IoT, and more

Time Stamp: March 29, 2024 9:27 AM
Source Node: 2535127

The emergence of photovoltaic sensors in the 19th century marked a pivotal moment—the birth of light sensors, paving the way for other sensor types. Fast forward to the 1960s, and sensor utilization skyrocketed thanks to advancements in semiconductor manufacturing. These breakthroughs allowed for miniaturized sensors, opening up novel applications beyond industrial and military use. Today, software is coupled with sensors and hardware to drive intelligent automation across various applications.  Viam is an open-source platform that provides the groundwork for accelerated software development for any type of hardware across industrial automation, robotics, IoT, and smart devices.  Much of the technology powering automation in these existing applications is siloed, proprietary, and device-specific, with innovators finding themselves having to not only build hardware but also the necessary software from scratch. Viam’s all-in-one solution provides universal capabilities for remote monitoring, data management, predictive maintenance, and mobile access while integrating machine learning, AI, and APIs seamlessly, vastly trimming the time from conception to product. It’s free to use on-machine and with charges on cloud-based consumption as the company focuses on attracting more developers to the platform.  Given the breadth of possibilities of where software and hardware together can forge automation, the rise of smart devices, and the falling costs of sensors, Viam is already working across versatile deployments ranging from automation in industrial manufacturing settings to marine life conservation efforts.

AlleyWatch caught up with Viam CEO, Cofounder, and Serial Entrepreneur (MongoDB) Eliot Horowitz to learn more about the inspiration for the business, the company’s strategic plans, latest round of funding, which brings the company’s total funding to $87M, and much, much more…

Who were your investors and how much did you raise?

We raised $45M in Series B financing, with participation from continuing investors Union Square Ventures and Battery Ventures.

Tell us about the product or service that Viam offers.

Viam is an open source, cloud-based software platform on a mission to accelerate innovation in IoT, smart devices, industrial automation, and robotics. Viam works with any hardware (from cameras to sensors to industrial robotics) and has modern architecture, easy developer APIs, cloud connectivity, and AI and machine learning to help developers and global teams move quickly and build better.

What inspired the start of Viam?

After leaving MongoDB, I spent a bunch of time in the physical world and kept finding things that I wished were automated. And the questions got bigger: How will the world address big issues like climate change if robotics and automation are so hard, accessible to so few, and progressing too slowly? The more we looked, the more we felt we could, and needed to, do something to fundamentally change the game, and Viam was our answer.

How is Viam different?

We are building a platform for industries that don’t typically get grouped together: IoT, robotics, smart home, and industrial automation. We understand that these spaces all need the same foundational capabilities Viam has.

A huge part of Viam’s power comes from its breadth. When we first meet with a new partner, we typically find they’re using many different vendors, for many different capabilities, across many different machines and manufacturers.

Viam is full-stack and all-in-one: we integrate low-level hardware APIs, software algorithms, cloud connectivity, fleet management, remote monitoring, tele-operation, predictive maintenance, mobile access, and AI all into one platform. This allows for seamless abstraction and utilization throughout the stack.

Plus, because we’re hardware and software agnostic, it ensures seamless integration with how teams already like to work.

What market does Viam target and how big is it?

We want Viam to be the software platform for all smart machines. We define smart machines as any machine or device that has some ability to perceive the world, perhaps does something in the world, and interacts with other systems.

A huge variety of machines might be thought of as smart, from household devices like thermostats and coffeemakers to industrial machinery like assembly line robots and autonomous vehicles. It’s a huge opportunity, and it’s why we see Viam as a key driver in automation for all industries.

What’s your business model?

Viam is open source and free to use on-machine, and requires no upfront fees or deployment costs. Our goal is to build a community of developers who contribute to the platform. For enterprise clients, Viam charges for cloud services based on a consumption model, ensuring we do not make money unless our clients do.

How are you preparing for a potential economic slowdown?

We’re at the intersection of so many rising trends: robotics, AI, automation, and the future of work. And, we believe that Viam will be a powerful solution to many of our growing challenges, from climate change and infrastructure to manufacturing. However the economy continues to evolve, we believe Viam is a critical solution.

What was the funding process like?

This round in particular was a great opportunity to get feedback on our vision and make connections with future partners.

What are the biggest challenges that you faced while raising capital?

Getting investors to understand our mission and the scope of what we are capable of poses a challenge. When speaking with investors, I often turn to examples to explain what makes Viam so unique. You can see when eyes light up, when someone realizes everything that Viam can do for an industry or business. It’s a great moment.

What factors about your business led your investors to write the check?

Since our general availability launch in May 2023, we’re now working with enterprises of all sizes. Together, we’re speeding up time to market, accelerating developer speed, and creating modern user experiences that delight customers and boost revenue. It’s an exciting moment.

What are the milestones you plan to achieve in the next six months?

This year, we’re focused on accelerating enterprise traction and helping our partners solve their real-world challenges. We’re working hand-in-hand with customers in insurance, energy, wildlife conservation, food automation, and more to deliver new capabilities to existing assets — or accelerate the creation of new assets — all of which, with Viam, can take advantage of the latest technology.

This year, we’re focused on accelerating enterprise traction and helping our partners solve their real-world challenges. We’re working hand-in-hand with customers in insurance, energy, wildlife conservation, food automation, and more to deliver new capabilities to existing assets — or accelerate the creation of new assets — all of which, with Viam, can take advantage of the latest technology.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Focus on your customers. The early days of a startup are hard, but the more time you spend working alongside them, hearing their pain points, and understanding their goals, the better you’ll be able to pinpoint the critical points that can drive massive value for them. And, those early customers are the ones that will become your biggest evangelists and want to grow alongside you.

Where do you see the company going now over the near term?

We’ll use this latest round of funding to deepen partnerships, nurture our developer ecosystem, and continue making investments into the platform. There are so many projects we’re excited about — we just announced a partnership with the Whale and Vessel Safety Taskforce (WAVs) to establish an open-source data collection program and AI solution crucial for marine life conservation efforts. We’re working with industrial partners who are transforming manufacturing. We’re excited to continue these projects and spotlight them more in the months ahead.

Where’s the best place to hold a team offsite in the city?

We actually do a lot of our team offsites onsite — at our office here in NYC. We have an amazing lab, and the perfect space that gives us all a chance to connect over shared interests, stay close to the product, and host events for the community.

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