Swedish IoT startup H&D Wireless has raised $3 million from Blasieholmen Investment Group and its network of 40 Swedish and European private entrepreneurs and investors. The company says it has the option to bring in an additional $4 million from the same investors.
The capital will be used for the H&D Wireless' continued global expansion and the launch of its IoT cloud platform system that allows cashless payments and location tracking services within a large number of applications.
H&D Wireless was founded in Stockholm Sweden in 2009. The company says it has to date shipped more than 1,000,000 wifi units for smart home and wireless multimedia solutions across the globe.
As part of its expansion plans, the company is considering an IPO on Nasdaq First North in Stockholm during the first half of 2017.
“We are very happy to raise this new capital from experienced investors who understand our business and see the huge market potential,” said Pär Bergsten, founder and CEO of H&D Wireless. “We now have fuel for our continued global expansion and especially the launch of our new GEPPS real time location and cashless payment system. We are excited to be operating in the most exciting Internet technology field today, wirelessly connecting customer products with cloud services and mobile apps.”
Read more: H&D Wireless (press release)