Swiss startup qiio, offering IoT solutions for use in anything from coffee machines to smart buildings, has received an around €2.84 million loan guarantee from the Technology Fund. Together with the approximate €1.89 million raised from an undisclosed investor, the total €4.7 million funding will fuel product development and market expansion.
Founded in 2014, qiio has development experience in IoT hardware, embedded technology and cloud services. Today, qiio offers an edge-to-cloud IoT solution that covers hardware, software, cloud and operation. Enterprises benefit from real-time information in cloud, enhanced efficiency and cost reduction. The solution provides enterprise-grade security and runs globally.
Simone Riedel Riley, General Manager of the Technology Fund, says: “More and more enterprises look into digitalization to improve operation efficiency and reduce greenhouse gas emissions. We are therefore happy to support qiio, an innovative company that offers real-time monitoring and significantly reduces field service trips.”
The real-time data provided by qiio improves the transparency of operation, independently of the industry. Enterprises using qiio’s services have a significant competitive advantage in managing their products and processes remotely. qiio’s services enable an in-depth and real-time overview, from a secure source that runs worldwide.
Felix Adamczyk, CEO and founder of qiio, says: “The support of the Technology Fund is an important milestone for qiio. This acknowledgement proves that qiio’s business model and innovative solution brings significant impact to industries and reduces environmental impact.”