🇸🇪 Avassa closes new round of funding, welcomes H&M Group as strategic investor
H&M Group. Store in Stockholm, Sweden.
Avassa, provider of an Edge Application Management and Operations Platform closes a new round of investment, welcoming the global fashion retailer H&M Group as an additional investor along with existing investors Fairpoint Capital and Industrifonden.
October 1st 2024. Stockholm, Sweden. Avassa is a Swedish edge application management and operations platform provider. They now close a new investment round, adding the global fashion retailer H&M Group as a strategic investor for the continued modernization of brick-and-mortar store IT operations.
Edge computing is revolutionizing enterprises everywhere by bringing data processing closer to the source, significantly improving application availability, and enhancing real-time decision-making. Avassa offers a Platform as a Service (PaaS) for managing edge applications and infrastructure across various industries including retail, industrial, and automotive. This enables enterprises to efficiently manage the lifecycle of innovative edge applications and build resilient infrastructure that can operate undisrupted during offline scenarios, maintain security posture in exposed store environments, and accelerate innovation.
H&M Group has selected the Avassa Edge Platform as a key component in a broader redesign and innovation initiative for their in-store IT infrastructure. Building on this collaboration, H&M Group’s investment arm, H&M Group Ventures is now extending their engagement with Avassa by investing in the continued growth of the company, alongside Avassa’s existing investors, Fairpoint Capital, and Industrifonden.
“We are honored and proud to have H&M Group join as an investor. This investment further emphasizes H&M Group’s commitment to building a secure and innovative new generation of store IT, already demonstrated in the implementation of the Avassa Edge Platform. Retail is one of the fastest-moving industries in edge computing and we are excited to collaborate closely with H&M Group, industry leaders in this category. We are also grateful to our existing investors for their renewed trust in us on our continued growth journey,” says Fredrik Lundberg, CEO and co-founder of Avassa.
“We are delighted to deepen our partnership with Avassa with this investment and we look forward to continuing to use Avassa as an important component to further enhance our edge computing capabilities across the H&M Group”, says Katharina Gromotka, Investment Manager at H&M Group Ventures.
With this strategic collaboration with H&M Group, Avassa continues their commitment to offering a leading edge management and operations platform at a global scale.
About Avassa
Companies require remote lifecycle management, outage resilience, and robust security for their edge workloads. The Avassa Edge Platform is an application management and operations platform built for resource-constrained Edge and IIoT environments. It enables companies to securely and remotely update, monitor, and troubleshoot edge applications and infrastructure, at scale and where connectivity isn’t taken for granted. Based in Stockholm, Sweden, Avassa operate globally as a recognized leader in edge and IIoT. They have been named a Gartner® Cool Vendor in Edge Computing and a Fast Mover in GigaOm’s Radar for Edge Orchestration Platforms. Learn more and request a free trial at avassa.io.
About H&M Group
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is listed on Nasdaq Stockholm. H&M’s business idea is to offer fashion and quality at the best price in a sustainable way. In addition to H&M, the group includes the brands COS, Monki, Weekday, & Other Stories, H&M HOME, ARKET and Afound as well as Sellpy. H&M Group’s investment arm H&M Group Ventures makes long-term investments in entrepreneur-led companies working with solutions for a circular and more sustainable fashion industry. Learn more at hmgroup.com and hmgroupventures.com
For more information, please contact:
Amy Simonson, Marketing Manager, Avassa [email protected] | +46 73 026 47 38
Originally published on 1 October by Avassa.
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