IoT networking startup Onomondo wins $21 million funding round

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Onomondo ApS has secured $21 million in funding to develop its networking platform, which helps businesses link their cloud-connected devices.

The Denmark-based startup said in its funding round announcement today that growth capital firm Verdane was the lead investor. Maersk Growth, People Ventures and The Danish Growth Fund also participated.

Companies are increasingly deploying internet-connected devices, such as equipment sensors, to increase operational efficiency. A manufacturer, for example, can install sensors throughout its production line to collect data on potential malfunctions. Analyzing data collected by a connected device requires connecting it to a company’s cloud-based analytics environment.

Onomondo’s platform simplifies the task of establishing network connections to the cloud. It provides access to approximately 700 wireless networks operated by carriers in over 180 countries. According to the startup, customers can manage connections through a centralized administrative interface.

Providing network connectivity isn’t the only task that Onomondo promises to simplify. According to the startup, its platform reduces the amount of custom code companies need to write to power their fleets of connected devices.

Sending data from a connected device to the cloud with a high degree of reliability requires complex networking software. Onomondo offers pre-packaged software tools that automate key network tasks, eliminating the need for customers to write all necessary code from scratch. The startup’s platform can link connected devices to popular cloud services such as Amazon Web Services Inc.’s IoT Core and Microsoft Corp’s Azure IoT Hub.

Administrators often encrypt the connection that connects a device to their company’s cloud environment to reduce the risk of cyberattacks. The cryptography software used for this task usually runs directly on the device. According to Onomondo, its platform moves encryption software to the cloud, which extends the battery life of devices.

Another advantage of the startup’s approach is that it simplifies software maintenance. Removing the need to run encryption algorithms on a connected device reduces the amount of software it needs to include. As a result, tasks such as deploying firmware updates become easier.

Onomondo claims that its platform is used by major companies such as Robert Bosch GmbH and Maersk. The company said Tech Crunch today he recruits about 50 new clients every quarter.

The company said it will use its recently announced funding round to accelerate product development and go-to-market initiatives. In the process, it plans to double its workforce to 100 employees by the end of the year. Onomondo plans to triple its annual recurring revenue twice over the next two years.

Photo: Unsplash

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