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Iotic has secured investment of US$8.4 million (£6.5 million) and strengthened its management team in the US to accelerate growth and meet increasing demand for its pioneering digital twin technology.
Iotic enables enterprises and their ecosystems of assets, objects, companies and people to interact securely. The digital software company provides the secure operating environment and tools to create digital twins of any thing, enabling their secure interaction and building of true interoperable ecosystems.
With a focus on the US market, Iotic has expanded its North American operations based out of Raleigh, North Carolina. Among the appointments, Hans Weinberg, previously CIO at ABB, North America, has been named as COO, while Kathy Reppucci joins Iotic as VP Marketing from IBM to deliver global integrated marketing strategies.
The investment from leading European VCs; 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 andEvent Analytics. The funding will allow Iotic to capitalize on its patented technology and unique market position.
The Iotic vision is a world where any thing 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 end points into meaningful events, empowering enterprises to deliver on the promise of AI and Machine Learning and to be truly digital.
The investment enables Iotic to build on its global pipeline of enterprise customers, including Rolls-Royce Power Systems and leading UK construction firm, 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 customer experiences.
Robin Brattel, CEO of Iotic said, "This investment is a further major endorsement of our Operating Environment and tools and the business strategy behind them. Having already secured a number of high-profile clients, we are focused on further development and scaling – initially targeting high-value manufacturing, construction and infrastructure sectors. Our longer-term vision is for our interoperable Twins and their Event Streams to be incorporated into every single technology stack that will help to underpin digital transformation to deliver a strong return on investment."
Ed Stacey, Partner, IQ Capital, said, "Iotic is a leader in interoperable technology, enabling companies’ data to integrate more easily at the cloud or enterprise level. Having now successfully established product market fit, we expect this IP-rich tech company to scale globally. These are exactly the characteristics that IQ Capital looks for in the businesses it invests in and we are proud to be part of its growth story."
Matus Maar, co-Founder and managing partner of Talis Capital added, "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."
Emanuele Angelidis, Managing Partner, Breed Reply, said, "We are delighted to support the growth of Iotic. Since our first investment in 2016 we have seen the Management Team take the business and technology from strength to strength."
Iotic is an IP-rich rapidly growing SaaS firm who share a vision of any thing interacting with any thing. Their secure patented operating environment and its twin, event analytics, integration, broker, and automation tools is delivering that vision for customers today, with interoperable Twins and their event streams being deployed in as little as 12 weeks.