Shoof Technologies, a startup providing wireless technology for the Industrial IoT raised $ 4.5M in seed funding. Kleiner Perkins and Modiva Japan led the round.
Shoof’s manufacturing and logistics customers will be able to use the solution for indoor and outdoor asset monitoring and tracking in early 2018. Shoof Tech’s solution consists of a cloud platform and equipment – including base stations and tags. With the current funding, Shoof plans to focus on manufacturing and transportation sector.
The startup’s primary focus in tracking indoor assets as the current wireless technologies such as GPS and cellular connectivity put a lot of strain on sensor battery. The batteries die out in a few hours making the solution inadequate to withstand the ruggedness of industrial settings. This is where Shoof Tech’s solution can fill the gap and provide round the clock industrial-grade internet connectivity to expensive assets.
“We are excited to partner with such reputable firms who share our vision of empowering the supply chain and logistics industries with efficient asset-monitoring and tracking connectivity technologies,” said Ra’ed Elmurib, CEO, Shoof Technologies. The startup operates on a ‘subscription-based’ business model whereby its customers incur a monthly recurring fee hence saving the latter from significant infrastructure set-up costs that any industrial-grade IoT solution requires.
Another asset intelligence startup Alchemy IoT recently raised $ 4M in seed investment.
NUMA, a Paris-based international technology, innovation, and startup incubator with presence in more than 11 cities throughout the world has launched NUMA Angers IoT, the manufacturing and business acceleration program dedicated to IoT startups. The accelerator has called for applications, open until February 21st, for the first program that begins from Mid-April 2018.
The five-month program is aimed at European startups with a functional prototype. The admitted startups will get help from entrepreneurs and experts in residence in design, sales and marketing. NUMA Angers IoT will also provide full-time access to industrial-grade machines and specialized staff to help with design, sourcing, manufacturing, specs, certifications, etc. to build a pre-series during the program. Each five-month program will have eight startups with an investment of €80,000 for each of the 8 selected startups.
“NUMA’s expertise in acceleration is orchestrated here with intense technical support. Precious resources to develop an industrial pre-series and a solid business approach”, said Romain Amblard, Partnerships Development Director at NUMA. The expansion of NUMA accelerator’s footprint in west France indicates its objectives to make the region a European reference in connected objects.
While the US has numerous IoT product startup incubators and accelerators, from Alchemist IoT Accelerator in San Francisco and Bolt in Boston to the New York-based/GA Connected Devices accelerator, it is NUMA that’s bringing silicon-valley style discipline in accelerating the European startups. With French president Emmanuel Macron as the cheerleader-in-chief for the French startup incubation, we will see more number of connected-products startups churned out by NUMA every five months.
C3 IoT, an AI and IoT software platform for digital transformation last week raised $ 100M in new funding. The company, formerly known as C3 Energy, previously raised $ 70M in Sep 2016 followed by a Series E round in Feb, 2017 that valued the company at $ 1.4B. Its total funding has reached $ 223 million since it was launched in 2009.
C3 IoT’s latest investment came from the founder Tom Siebel and Pat House, Tom’s co-founder at Siebel Systems. Existing backers TPG Growth, Breyer Capital and Sutter Hill Ventures also participated in the round.
C3 IoT’s core product is a platform as a service (PaaS) for rapidly developing and operating big data, predictive analytics, AI/machine learning, and IoT software as a service (SaaS) and apps. The company also offers configurable and extensible applications on top of its platform.
Some of the core applications C3 IoT has built on its PaaS include apps for predictive maintenance, energy management, sensor health management, and fraud detection.
Vdoo, an IoT cybersecurity startup that aims to become “Security Authority (SA) for connected-devices” raised $ 13M, capital it will use to develop and commercialize Vdoo’s IoT security platform. The funding was led by 83North (formerly Greylock IL). Other backers include Dell Technology Capital and individual investors, including David Strohm, Joe Tucci, and Victor Tsao.
Recent cyber attacks including the Mirai botnet and other IoT malware have brought endpoint security at the forefront with the most vulnerable being the ‘smart home’ devices.
Vdoo’s solution works by automatically classification and analysis of multiple aspects of the IoT device (such as device manufacturer, device type, network interface, OS, and software vendor). It then creates a device-specific threat landscape and generates actionable security requirements. The last leg of the solution involves verification of the device security level and providing a visual and digital seal to indicate the state of security to all other systems.
2017 saw an uptick in startup funding for the IoT-aimed cybersecurity startups. Nanolock, an IoT malware protection startup raised $ 4.5M in Oct last year, however, SparkCognition stole the show by raising a handsome Series B round of $ 32.5M for its AI-based cybersecurity platform. Dedicated startup funds were also launched with cybersecurity giant Trend Micro announcing a $ 100M fund for IoT startups in June last year.
Arrow Electronics, a supplier of industrial and commercial electronic components announced it has acquired eInfochips, a product engineering, and software R&D services company.
The acquisition will provide Arrow with some key IoT capabilities as eInfochips has 1,500 IoT solution architects, engineers, and software development resources globally. The acquired company is experienced in chip design, to product and IoT solution delivery, and across many industries.
IoT, cloud, and connected devices is a major practice area of eInfochips. Within the domain, it offers CloudOpS, DevOps, and IoT IPs and Frameworks. The company serves home and industrial automation, medical devices, logistics, retail and automotive industry.
Arrow’s acquisition of eInfochips makes sense in that the former is three key IoT verticals including agriculture, cities and medical. One of its flagship program for its customers is Sensor to Sunset which represents Arrow’s comprehensive portfolio of technology from sensors, wireless connectivity, gateways to cloud platforms, data ingestion, aggregation and visualization, analytics, and security. Acquiring eInfochips helps the company in expanding its services of ideation, design, integration, monitoring and managed services.