Today HiveMQ has announced raising €9.3 million in a seed funding round. The funding round was led by Earlybird Venture Capital and Senovo Capital Management with participation from business angels Ali Kutay, Mirko Novakovic, Daniel Schellhoss and Charles Songhurst.
HiveMQ helps companies connect millions of IoT devices to the cloud in a reliable, scalable and secure manner. Its 130+ production customers include global brands such as BMW, Daimler, Deutsche Telekom, Liberty Global, Moen, Siemens, ZF and many more.
HiveMQ (founded in 2012) will leverage the new funding round to significantly expand sales and marketing efforts, capitalizing on the market demand for IoT solutions. HiveMQ will also increase R&D investment in their cloud-managed MQTT service and introduce new products into the market.
“The participation of experienced venture capital companies and angel investors in our seed round is a great validation of the HiveMQ vision,” explained Christian Götz, CEO and co-founder of HiveMQ. “HiveMQ has been successful generating significant revenue to self-fund our operations. We have been able to acquire lighthouse customers in our targeted industries and are seeing tremendous interest in these industries for our solution. To accelerate the next phase of our company’s growth, we will use this new investment to expand our sales and marketing teams to build on this success and accelerate the adoption of our solution. We will increase R&D investment in the HiveMQ Cloud, a key apect of our product portfolio, as more customers move to a multi-cloud computing strategy.”
The IoT market is expected to grow to $2.4 trillion (around €1.9 trillion) by 2027 (Business Insider, March 2020). HiveMQ is well positioned to capitalize on this growth with its IoT messaging platform which provides the capability to deploy IoT applications in a scalable and reliable manner. HiveMQ is based on the MQTT protocol that is widely used for IoT connectivity. Through the HiveMQ platform, customers have deployed millions of IoT devices connected to business-critical systems.
“It’s impressive to see marquee brands using HiveMQ as the platform for their IoT applications,” shared Hendrik Brandis, co-founder and Partner at Earlybird. “I look forward to helping HiveMQ expand their market reach and capitalize on opportunities to become the de-facto standard for an IoT messaging layer. It will be great to see how HiveMQ connects, among others, the global automotive industry: from customers opening their car via app, to car-to-car communication, to automated and connected production processes to build these cars.”