IoT startup Machfu reported its first round of institutional financing this week.
The Germantown, Md.–based company raised $1.6 million. The round was led by Vienna, Va.–based Blu Venture Investors.
Machfu focuses on Industrial Internet of Things. The company’s technology helps organizations integrate sensors, controllers and other devices into their systems. With the funding, the company is looking to expand in Smart Water and Smart Grid markets, as well as expand into oil and gas.