A new year does not by any means signal a slowdown in funding across the Internet of Things (IoT) space, with Teraki and Machfu each securing series A funding over the past month for the automotive and Industrial Internet of Things (IIoT) spaces respectively.
Teraki raised $11 million (£9m) that the company says will be used for improving the current explosion in demand of data in electronics components used in automotive systems.
The Berlin-based connected car, telematics and autonomous car applications provider has accrued a total of $16.3 million to date. Horizons Ventures led the funding round with State Auto Labs Fund, Bright Success Capital, and Castor Ventures participating.
Teraki would be using the accumulated funds to accelerate its focus on the billion dollar automotive electronics market, and to expand into other sectors that are going through a similar rise in data demands in tightly constrained computing and communications components, including IoT, drones, robotics and others.
US-based IoT solution provider Machfu closed a $3.75m (£3m) series A funding round led by CSL Ventures with participation from existing and new investors, Blu Ventures, Texas Ventures and Texas Halo Fund.
The company, which has developed IIoT products and services that allow ready end-to-end integration between legacy assets and sensors and cloud or legacy head-end systems, would be using the raised capital to further its successes in smart grid and oil and gas and expand its footprint in the industrial domain. The ease and speed of new application development coupled with advanced security and standards-based network connectivity positions the company to capitalise on a large emerging opportunity estimated to surpass $20bn (£15.47bn) annually by 2025.
Want to find out about digital twins from executives and thought leaders in this space? Find out more about the Digital Twin World event, taking place on 9 November 2021, which will explore augmenting business outcomes in more depth and the industries that will benefit.