Iotic, an IP-rich rapidly growing SaaS firm, has secured investment of €7.5 million to accelerate growth and meet increasing demand for its pioneering digital twin technology. The investment from IQ Capital, Talis Capital and Breed Reply will drive rapid deployment, deepen channel partnerships and expand market adoption of its patented Iotic Operating Environment, Twin technology and Event Analytics.
Iotic, founded in 2014, enables enterprises and their ecosystems of assets, objects, companies and people to interact automatically and securely. The digital software company provides the secure operating environment and tools to create digital twins of any thing, enabling their secure interactions, and building true interoperable ecosystems.
The Iotic vision is a world where anything 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. The digital version of a thing, the Twin, has access to all its data and controls throughout its entire life, converting those endpoints into meaningful events, empowering enterprises to deliver on the promise of AI and Machine Learning, and to truly be digital.
Iotic recently opened a North American operations hub in Raleigh, North Carolina. This has been supported by the expansion of the management team with the hiring of new COO Hans Weinberg, (previously CIO at ABB, North America), and Kathy Reppucci, (who joins Iotic as VP Marketing from IBM) to deliver global integrated marketing strategies.
The investment will enable Iotic to build on its global pipeline of enterprise customers, including Rolls-Royce Power Systems and BAM Nuttall, who have deployed Iotic’s technology to overcome fractured, inflexible IT infrastructure and data management problems to solve significant business challenges and create new services and better customer experiences.
Matus Maar, Co-Founder & Managing Partner, Talis Capital said: “Since working with Iotic we have been impressed by its ability to develop a clear value proposition, achieve product market fit and secure significant traction with several leading enterprises. 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 $260bn industry that’s expected to double by 2021. We are excited to be working with Robin and the team and look forward to seeing the company grow as they continue to meet the growing demand for their revolutionary technology.”