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Machfu is a technology company.
Machfu develops Industrial Internet of Things (IIoT) solutions, offering software and devices for remote asset monitoring. The company simplifies data connectivity from industrial edge devices, like sensors and controllers, to cloud-based IoT databases and enterprise systems. Its edge intelligence platform ensures seamless data flow and secure management across industrial environments, enabling robust data collection.
Prakash Chakravarthi founded Machfu in 2015, driven by a need to simplify the industrial data landscape. He recognized a critical gap bridging operational technology with information technology, aiming for accessible, efficient methods. This insight led to the company's formation, establishing a secure pathway for edge-to-enterprise communication, enabling industrial assets to leverage cloud computing.
Machfu’s platform serves industrial organizations seeking efficient integration and monitoring of remote assets. The company envisions enhancing operational performance through reliable, secure connectivity. Machfu empowers clients to connect valuable assets to advanced cloud platforms, fostering superior operational insights and streamlined management of distributed infrastructure.
Machfu has raised $7.6M across 3 funding rounds.
Machfu has raised $7.6M in total across 3 funding rounds.
Machfu is a technology company specializing in Industrial Internet of Things (IIoT) solutions that simplify connectivity between edge devices, industrial controllers, SCADA systems, and cloud or enterprise platforms, enabling real-time data visibility and decision-making primarily in oil and gas, smart grid, and industrial automation sectors[1][2][3][4]. Its core products include the Machfu Platform, Mach Gateway (also called MACHGateway® or MachIO), and related services that securely gather data from field assets like sensors and transmit it for analytics, serving customers such as S&C Electric Company and ITT Gould Pumps[1][2][3][4]. Founded in 2015 in Rockville, Maryland, Machfu raised $7.2M total funding before being acquired by New Asia Holdings in December 2024 as part of a merger with Olenox Corp., enhancing its position in energy technologies and sustainable infrastructure[1].
Machfu was founded in 2015 in Rockville, Maryland, to address the complexity of connecting legacy industrial infrastructure to modern cloud systems in the IIoT space[1][3]. Key leaders include CEO Shane Persad, with senior roles in oil and gas startups and scaling; CTO (experienced in mechanical and petroleum engineering across drilling and offshore operations); VP of IoT Services; VP Engineering Chinmay Shete, specializing in cloud firmware for AWS, Azure, and GCP; and Director of Products Jai, a serial IoT entrepreneur with telecom and satellite expertise[5]. The idea emerged from the need to enable quick deployment of edge-to-enterprise data flows for industries like oilfield operations, gaining early recognition such as Frost & Sullivan's 2021 North American Enabling Technology Leadership Award for its MACHGateway® breaking barriers in real-time data processing[4]. Pivotal traction came from deployments in oil and gas and smart grids, culminating in the 2024 acquisition by New Asia Holdings via merger with Olenox, diversifying into energy production and distressed asset revitalization[1].
Machfu rides the IIoT wave in industrial automation, where market forces like digital transformation in energy, demand for real-time analytics, and sustainability pressures (e.g., minimizing environmental impact in oil and gas) drive adoption[1][4]. Its timing aligns with the post-2020 surge in edge computing and cloud integration for legacy systems, helping operators in fragmented sectors like oilfields and smart infrastructure gain operational visibility amid rising data volumes[2][3]. By facilitating data-driven decisions, Machfu influences the ecosystem through acquisitions like its 2024 merger, blending IIoT with energy asset revitalization via Olenox, and supporting broader trends in secure, scalable industrial digitalization[1].
Post-2024 acquisition by New Asia Holdings, Machfu is poised for accelerated growth through integrated energy-IIoT offerings, leveraging Olenox's oil and gas expertise and a strengthened management team including COO Jim Pendergrast[1]. Trends like AI-enhanced edge analytics, 5G industrial networks, and net-zero mandates will shape its path, potentially expanding beyond oil/gas into broader smart infrastructure. Its influence may evolve from niche connector to key enabler in diversified energy tech, building on proven traction to capture more of the $0000-valued IIoT automation market[1][4]. This positions Machfu as a vital bridge in the edge-to-enterprise evolution that began with its 2015 founding.
Machfu has raised $7.6M in total across 3 funding rounds.
Machfu's investors include Abhinav jain, Blu Venture Investors, Texas Halo Fund, Texas Ventures, Blu Ventures.
Machfu has raised $7.6M across 3 funding rounds. Most recently, it raised $4.0M Series A in December 2019.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Dec 1, 2019 | $4.0M Series A | Abhinav jain | Blu Venture Investors, Texas Halo Fund, Texas Ventures |
| Aug 29, 2017 | $1.6M Other Equity | Blu Ventures | |
| Aug 1, 2017 | $2.0M Seed | Blu Venture Investors |