London-based growth equity firm One Peak has invested $57m (£42m) in German internet of things (IoT) startup EMnify. One Peak, which focuses on growth-stage tech companies across Europe and Israel, was the sole provider in the Series B round.
Berlin-based EMnify will use the funding to accelerate its global market expansion, particularly in the US, and further develop and optimise its proprietary cellular IoT technology.
Part of the EMnify funding will go towards expanding its leadership team and doubling its headcount in 2022. To date, EMnify has raised $80m (£58m) in equity capital.
Founded by Alexander Schebler, Frank Stoecker, and Martin Giess in 2014, EMnify is a cloud communication platform provider for IoT that enables businesses with high-growth IoT products to scale across networks worldwide with a single API.
The EMnify API and SIM technology connect and secure any kind of IoT deployment to its application back-end.
EMnify claims its IoT Supernetwork is the single biggest independent IoT network of its kind. The company supports local access (2G – 5G, LTE-M, NB-IoT) to over 600 radio network operators – 397 via direct partnerships – in almost 200 countries from more than 25 cloud regions, with plans to add 10 cloud regions in 2022.
“In One Peak, we are not only gaining an investor, but a well-matched strategic partner with expertise in European founded SaaS scale-ups set for global growth,” said Frank Stoecker, CEO and co-founder of EMnify. “EMnify has come a long way in a short period and is perfectly positioned to use this capital and accelerate our market expansion and product development globally, with particular focus on the US market.”
Stoecker added that 20% of EMnify’s customers and 30% of its revenue already comes from US customers.
One Peak’s investment is the latest of its €700m (£583m) assets under management. The investment fund is backed by a group of blue-chip university endowments, foundations, pension funds and family offices.
The company partners with entrepreneurs and management teams to transform rapidly growing technology businesses into lasting, category-defining industry leaders.
Besides capital, the UK firm also provides operating expertise and access to its extensive network. In 2020, it closed a €443m growth fund.
In addition to EMnify, One Peak’s investments include Neo4j, DocPlanner, Spryker Systems, PandaDoc, Keepit, Cymulate, Paysend, HighQ, Quentic, Coople, DataGuard, Brightflag and many more.
“The global cellular IoT market is approaching an inflection point as the need for location-independent real-time data is greater than ever, while diminishing module sizes and deployment costs enable an abundance of use cases,” said David Klein, managing partner at One Peak. “EMnify is paving the way to meet the demand for global borderless connectivity to be available as a cloud native resource analogue to other existing components of a modern technology stack.”
Photo Courtesy: UK Tech News, Tech EU Online
Source: UK Tech News