30 October 2019, India:
IoT platform Particle has raised $40 million in Series C round of funding. The funding round was led by Qualcomm Ventures and Energy Impact Partners.
Existing investors Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures and SOSV also participated in the funding round.
With this funding round, the company has raised $81.3 million till date via total venture capital funding.
The company has experienced 150 percent year-over-year revenue growth.
Zach Supalla, CEO of Particle, said, “Over the last seven years we’ve seen a wide range of business embrace IoT, especially those driving innovation in traditional industries.”
Zach Supalla, added, “More and more of our customers are in old-fashioned, even unglamorous, businesses like stormwater management, industrial equipment, shipping, or monitoring any number of compressors, pumps, and valves. These businesses are diverse, but the common thread is that they need to monitor and control mission-critical machines, and we see it as our mission to help bring their machines, vehicles, and devices into the 21st century.”
Carlos Kokron, Vice President, Qualcomm Technologies Inc., and Managing Director, Americas,Qualcomm Ventures, said, “Creating a bridge from the physical to the digital world is far more complex than most people realize.”
Carlos Kokron, added, “From the device itself to the network to cloud connectivity and software functionality, there are a lot of moving parts and complexities. Particle’s full-stack platform for IoT technology development accounts for all of these vital elements in a highly secure and flexible environment. We have been very impressed with Particle’s technology and market traction and are excited to continue to support their growth.”
Sameer Reddy EIP Partner, said, “As we move toward a decarbonized future, Particle’s industry-leading full-stack IoT platform will play a foundational role in reducing the barriers to innovation for startups and incumbents across the entire energy value chain.”
Sameer Reddy, added, “The impact they’ll have to our industry and partners in driving a cleaner and more resilient future will be exciting to watch.”
(Image – Particle)