Founded in 2011, Balena enables customers to leverage the ever-increasing power of technology to solve real-world problems by providing software to manage the full lifecycle of edge computing devices. The platform abstracts away infrastructure complexity, handling critical tasks like secure Over-The-Air (OTA) updates so engineering teams can focus on their core product. As a truly hardware-agnostic solution, Balena empowers customers to deploy their applications, including intensive Edge AI workloads, on the devices of their choice, avoiding vendor lock-in. Today, Balena supports 178 device types and powers fleets spread across more than 50 countries, including customers with fleets exceeding 100,000 devices.

"We have strong conviction in the long-term growth of the IoT device market, especially within edge computing use cases, and see Balena as exceptionally well-positioned to continue enabling customers as they utilize edge technology to deploy innovative solutions across a variety of industries around the world," said Matt Koven, Managing Partner at LoneTree. "We are thrilled to realize this opportunity to partner with the Balena team, as they advance the product roadmap, making the technology more accessible to a wider audience, and ultimately expanding within this rapidly growing market."

Chris Crocker-White, co-CEO of Balena, added: "We're excited to be taking Balena into the next chapter with a partner who believes in our mission. LoneTree has expertise and experience supporting companies at our stage, and so our decision to partner with them gives us the ability to help more people to leverage the latest AI-enabled edge-computing devices. Balena is the easiest-to-use platform and an accelerator for scaling businesses that utilise these technologies, and now we'll be able to make the technology even more accessible."

Terms of the deal were not disclosed. Lincoln International served as financial advisor to Balena.

About Balena

Balena is a global IoT platform that gives developers and organizations a reliable way to build, deploy, and manage fleets of connected devices at scale. Using a secure, container-based architecture, it enables customers to set up devices, push over-the-air updates, monitor performance, and troubleshoot remotely from a single interface. Balena's ecosystem supports a wide range of hardware and use cases, allowing teams to focus on their business rather than infrastructure complexity. Visit www.balena.io.

About LoneTree Capital

Founded in 2021 and headquartered in New York City, LoneTree provides flexible capital alongside operational and M&A support to accelerate growth. The firm enables partner companies - notably, founder-owned bootstrapped businesses, divisions of larger enterprises and formerly venture-backed companies to achieve their next stage of growth. For more information on LoneTree, visit www.lonetreecap.com. LoneTree's investment in Balena marks the seventh platform investment from LoneTree I L.P.

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