Newcastle's IOTech raises £5.8m in investment led by Dell
Newcastle-based Internet of Things (IoT) firm IOTech has raised $7.5m (£5.8m) in an investment round led by Dell Technologies capital.
The round included additional investment from SPDG, (Société anonyme de Participation et De Gestion), the holding company of the Périer-D’Ieteren family, Northstar Ventures and the Scottish Investment bank, the investment arm of Scottish Enterprise.
Founded in April 2017 by industry acknowledged leaders in Industrial IoT (IIoT) the firm builds and deploys software platforms for the sector.
It will use the funds to expand channel support and acquisition capability across the U.S., Europe and APAC, accelerate product delivery and extend its professional service offerings.
“This investment is recognition of the tremendous progress IOTech has made on three fronts: release of ground-breaking software products, the signing of key partners to expand global availability of our products and services, and adoption by customers in a number of critical IIoT vertical markets,” said Keith Steele, founder and CEO, IOTech.
“We are excited to continue our partnership with Dell Technologies Capital and their partners in this investment who all share in our vision of the IoT Edge and the great opportunity ahead of us.”
Gregg Adkin, Managing Director, Dell Technologies Capital added: “Today’s technology landscape has created tremendous opportunities for key IoT players, like IOTech, to offer secure and disruptive solutions in support of the growing IoT market.”
“IOTech is uniquely positioned at the helm of this disruption through its innovative technology and strategic competitive offering.
“Dell Technologies Capital is confident that the company will continue to leverage our firm’s investment, domain expertise and industry relationships for exponential success.”