IOTAS secures $8.5 million in series A funding to further enterprise ‘IoT as a service’ mission
IOTAS has successfully completed its series A funding of $8.5 million (£6.9m) to boost its enterprise software as a service (SaaS) offering, expand into international markets and bring about a new platform for smart communities.
The funding round was led by TELUS Ventures and included participation by Liberty Global and Intel Capital, an early investor. To date, IOTAS’s total investment exceeds $17m (£14m).
Sce Pike, founder and CEO of IOTAS, said: “With this new round of funding we’re excited to be working with enterprises, integrators, and dealers to enable them to offer IoT as part of their own offering. We have seen about 20% of all new residential construction embracing PropTech this year with at least a few smart devices, and we forecast that number will double next year.
“I predict that in five years all new residential construction will go live as a smart community,” added Pike. “We are also experiencing 75% growth in conversion to smart devices, such as smart locks and smart thermostats in existing residential buildings, and see a huge opportunity for growth in a variety of housing types ranging from garden style apartments, to low and mid-rise apartments, and affordable housing.”
In early September, Australia’s Fleet Space Technologies raised £5.95m to launch its next-generation of nano-satellites aimed at delivering IoT connectivity to global clientele. In the same month, Canada’s McRock Capital raised £80m to fund in high growth organisations across Canada, the US and Europe that are blending the next-generation data analytics through AI, with growing data from field devices, machines and equipment in industrial and urban environments.
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