Iotic, the UK developer of a digital twin technology, has raised €7.5 million from IQ Capital, Talis Capital and Breed Reply.
Founded in 2014 out of Cambridge, Iotic enables enterprises to interact automatically and securely with their ecosystems of assets, objects, companies and people. The SaaS provides the secure operating environment and tools to create digital twins of any thing, enabling secure interactions and building true interoperable ecosystems.
“Iotic solves the major issues of security and interoperability, that prevent companies from extracting full value from the legacy technology, systems, platforms and IoT devices in a $260 billion industry that’s expected to double by 2021,” said Matus Maar, co-founder & Managing Partner of Talis Capital.
The Iotic vision is a world where any one thing can interact with any other thing — from the smallest sensor, to the largest power station, engine, train and plane along with people, suppliers and customers.
CEO of Iotic, Robin Brattel, explained: “This investment is a further major endorsement of our operating environment and tools and the business strategy behind them. Having already secured a number of high-profile clients, we are focused on further development and scaling – initially targeting high-value manufacturing, construction and infrastructure sectors. Our longer-term vision is for our interoperable Twins and their Event Streams to be incorporated into every single technology stack that will help to underpin digital transformation and to deliver a strong return on investment for our customers.”
Ed Stacey, Partner, IQ Capital, said: “Iotic is a leader in interoperable technology, which is the biggest evolution of data management since relational databases. This technology will underpin future digital transformation projects in manufacturing and many other industries, enabling companies to integrate their data streams much more easily, securely and flexibly, and at any level of scale.”
Emanuele Angelidis, Managing Partner at Breed Reply said, “We believe the successful deployment of digital twin technology is going to be a major factor in helping speed the adoption of IoT across many different industries. Since our first investment in Iotic in 2016, we have seen the management team take the business and technology from strength to strength. We are delighted to continue to support the growth of business.”