Avassa Closes New Round Of Funding, Welcomes H&M Group As Strategic Investor

10/1/2024 10:31:05 AM

(MENAFN- PR Newswire) STOCKHOLM, Oct. 1, 2024 /PRNewswire/ -- 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.

CONTACT:
Amy Simonson
Marketing Manager
[email protected]
+4673 026 47 38

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SOURCE Avassa

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