IoT platform Afero gains $20.3 million in Series A funding
IoT platform provider Afero has raised $20.3 million (£14m) in a series A round of investment led by Samsung Catalyst Fund. Other investors in the round include the SoftBank Group, Fenox Venture Capital, Presidio Ventures, Sanshin Electronics, Robert Dobkin and Assembly Partners.
The Afero platform, as previously covered by this publication when it launched in December, is built to be the engine of both the home and the enterprise IoT market, which is estimated to be three times the size of the consumer IoT market by 2021, reaching a valuation of $3 trillion (£2.07 trillion).
The platform facilitates greenfield and brownfield development while featuring layers of embedded security. The platform also facilitates interoperability and connects smart devices across brands.
Joe Britt, CEO and co-founder of Afero, said: “Our technology helps companies rapidly create and deploy connected products by automating the core embedded, mobile, and cloud development tasks. Afero was designed to speed and simplify product development, whether companies choose to modernise a legacy product or create something entirely new.”
Afero was formed by veterans from Apple, Amazon, Danger, and Nest. The company looks to boost IoT innovation and transform industries like automotive, retail, manufacturing, consumer electronics, gaming, healthcare and office supply among others. Following 18 months of development, Afero went live in December 2015 and announced partnerships with industry leaders Murata, Infocom, and BANDAI NAMCO Studios.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.
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