Despite advances in hardware and cloud, the connectivity component of the IoT remains a stubborn barrier with today’s approaches relying on a patchwork of telecom operators.
This patchwork means businesses cannot gain sufficient interoperability, visibility, or control over their connected assets on a global basis.
Enter Danish IoT network Onomondo which has redesigned existing connectivity architecture to create a single virtualized IoT network, without reliance on the traditional operator network stack. Instead, the firm has integrated more than 700 operators across more than 180 countries and layering its own API-based IoT platform on top to build a global IoT network and network management platform.
The connectivity startup has now raised $21 million in a Series A round.
Verdane led the growth equity investment, which also includes participation from existing investors Maersk Growth, People Ventures, and The Danish Growth Fund.
The funding will accelerate the company’s growth in Europe with plans to triple Annual Recurring Revenue (ARR) in 2022 and 2023 to expand its customer base, which currently includes the likes of Bosch, Carlsberg, and Maersk.
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