Avassa secures H&M Group as a strategic investor with new round of funding
Avassa, a Swedish edge application management platform, has secured new funding with H&M Group joining as a strategic investor along with existing investors Fairpoint Capital and Industrifonden.
The investment aims to modernize IT operations in H&M’s brick-and-mortar stores using Avassa’s Edge Platform. Avassa’s platform supports various industries, including retail, by managing edge applications and infrastructure efficiently. Edge computing enhances application availability and real-time decision-making by processing data closer to its source.
H&M Group Ventures is extending its partnership with Avassa to enhance edge computing capabilities across its operations. Avassa is a recognized leader in edge and IIoT, having been named a Gartner® Cool Vendor in Edge Computing.
“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.
H&M Group, founded in 1947, focuses on sustainable fashion and includes multiple brands under its umbrella. The collaboration emphasizes a commitment to innovative and secure store IT infrastructure in the retail sector.
Floatel International, a provider of offshore floating hotels, also recently selected Avassa’s edge platform to manage its on-premises container lifecycle operations.
Article Topics
Avassa | edge platform | funding | H&M Group | retail
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