Not every company can move all its operations to the cloud, especially as myriad connected devices produce loads of data that’s slow and costly to ship back to central clouds for analyzing. That’s the opportunity iguazio Systems Ltd. is chasing, aided by a new round of funding announced today.

Iguazio today said it has raised $33 million in a Series B round led by Pitango Venture Capital, with money from both new and existing investors. With the new funding, the Israel-based company has raised $48 million so far.

New investors besides Pitango are Verizon Ventures, Robert Bosch Venture Capital and CME Ventures. Existing investors who reupped are Magma Venture Partners, Jerusalem Venture Partners and Dell Technologies Capital.

Yaron Haviv, founder and chief technology officer, declined to provide a valuation for the company, which introduced what it calls its data platform-as-a-service in September. Iguazio’s Enterprise Data Cloud is basically a software orchestra conductor that consolidates data into a repository and makes it available to many applications as files, messages, streams and other forms.

Iguazio essentially provides an alternative to the cloud for analytics, Haviv told SiliconANGLE. Although it only has customers in beta test mode that it won’t name, they include a ride-hailing company, cybersecurity firms and other companies needing real-time analytics.

“The cloud is moving to the edge because there are more workloads there that are localized,” Haviv said. “You don’t necessarily need to send everything to the cloud.” The ride-hailing company, for instance, uses Iguazio for real-time location-based analytics to calculate surge pricing, create real-time heat maps of passengers and drivers, and more.

Among others, Amazon Web Services Inc. is moving toward providing services at the edge as well, with its Snowball storage device and larger Snowmobile truck container that transfer data to and from remote areas to Amazon data centers. Haviv said iguazio is aiming to do something similar with a deal announced in November with Equinix that allows iguazio’s technology to be deployed as a service in Equinix’s co-location data centers that he said is simpler and faster than AWS’s services.

Ingo Ramesohl, managing director for Robert Bosch’s venture arm, said automotive and industrial companies especially require real-time analytics at the edge. That’s also valuable for telecom firms such as Verizon and financial services firms such as CME Group, thus their investments. Eyal Niv, managing general partner at Pitango, added that iguazio’s platform is especially useful for artificial intelligence and machine learning uses that require fast analysis of huge amounts of data.

Iguazio, named after the massive Iguazu Falls on the border of Brazil and Argentina, plans to use the money to get its marketing machine going and hire more data scientists.

Photo: Iguazio