
Connectivity Pioneer Onomondo Raises $21M Growth Investment Led by Verdane To Become Leading Global IoT Stack
Asset-rich industries like transport, manufacturing, and logistics have long attempted to harness the Internet of Things (IoT) to manage supply chains, improve automation and drive efficiency. 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 national telecoms operators or Mobile Virtual Network Operators (MVNOs). This patchwork means enterprises cannot gain sufficient interoperability, visibility, or control over their connected assets on a global basis.
For digital transformation to happen at scale in physical industries, a fundamentally different technical and commercial architecture for IoT connectivity is needed. This is what Danish scale-up Onomondo has built by redesigning 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 at the Radio Access Network (RAN) level across more than 180 countries, as well as layering its own API-based IoT platform on top. This means users gain granular, real-time insight into the performance of each connected device, allowing them to tap into their global grid and troubleshoot IoT devices from anywhere.
Devices connected to Onomondo contain an interoperable SIM card, meaning assets can seamlessly move across national borders without the inherent complexity of roaming. Data is transferred directly across the Onomondo virtual network to one of the firm’s cloud partners (Microsoft Azure, AWS, Google Cloud and more), so enterprises can easily understand what is going on between devices and the network, through to the core network, and on to the IoT cloud from a single interface.
As a natural extension of the architectural redesign, Onomondo also redesigned its commercial offering to be unlike any offering existing today. As the platform includes a connectivity marketplace, enterprises can set priorities based on cost, coverage and performance, empowering the platform to automatically select the best operator in any given location, at any given time. This feature prevents operator lock-in by offering the freedom to control precisely which networks devices connect to, as well as giving enterprises the flexibility to balance the quality of coverage and cost-optimization, depending on the use case.
Michael Karlsen, Co-Founder & CEO, and Henrik Aagaard, Co-Founder & CTO at Onomondo commented: “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. Onomondo and our recent momentum is a clear representation of this shift and we have found Verdane to be the perfect partner to help us deliver fully on this vision and accelerate our growth.”
This latest funding round has been led by Verdane, a leading growth equity investment firm that specialises in growing digital consumer, software, and sustainable society businesses. Coupled with participation from existing investors, Onomondo will leverage the new funds to drive growth and meet its planned projection of tripling its ARR in 2022 and 2023. The company also plans to scale its team from 50 to 100 by the end of 2022, helping to expand its customer base, which currently includes the likes of Bosch, Carlsberg, MAN Energy Solutions, and Maersk.
“Drawing from a deep understanding of traditional network infrastructure, Michael, Henrik and the Onomondo team is bringing a fresh, next-generation approach to the challenges the IoT market continues to face today,” Pål Malmros, Partner at Verdaneconcluded. “We are convinced that 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.”
ENDS
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005016/en/
Contact information
Sarah Mulder
Fire on the Hill
Telephone: +44 7720401466
Email: smulder@fireoth.com
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo