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 virtualised 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.
Michael Karlsen, co-founder and CEO and Henrik Aagaard, co-founder and CTO at Onomondo said: “It's interesting how the attention in IoT has traditionally centered around hardware and cloud. Connectivity was the commodity added in the end. We see a clear shift now towards the market asking for more from their connectivity solution. This trend will dramatically heighten the success rate of IoT and lower both complexity and barriers to entry. All of this will eventually benefit both people, profit, and planet.”
Pål Malmros, partner at Verdane added: “Onomondo’s solution has the potential to vastly accelerate global roll out of IoT, as well as expand the total set of addressable use cases, and we look forward to partnering with the company to significantly accelerate the business’ expansion and growth internationally, drawing on the Verdane team’s experience from over 45 other software investments.”