EMnify, a cloud-based platform for cellular connectivity in the Internet of Things (IoT) stack, announced on Thursday that it has raised $57M (approx €50M) in a Series B round of funding from London-based growth investor One Peak. To date, EMnify has raised €70M in equity capital.
The Berlin-based company says it will use the funds to accelerate its product development and global market expansion, particularly in the US. The company also plans to expand its leadership team and double its headcount in 2022 in the DACH region and North America.
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“In One Peak, we are not only gaining an investor, but a well-matched strategic partner with expertise in European founded SaaS scale-ups set for global growth. EMnify has come a long way in a short period of time and is perfectly positioned to use this capital and accelerate our market expansion and product development globally, with particular focus on the US market, where we already have 20 percent of our global customer base, representing over 30 percent of our revenues,” says Frank Stoecker, CEO and co-founder of EMnify.
EMnify: What you need to know
Founded in 2014 by Alexander Schebler, Frank Stoecker and Martin Giess, EMnify is a cloud communication platform provider for IoT that enables businesses with IoT products to scale across networks worldwide with a single API.
The company’s API and SIM technology connect and secure any kind of IoT deployment to its application back-end. Currently, the EMnify IoT Supernetwork is the single biggest independent IoT network of its kind, claims the company.
It supports local access (2G – 5G, LTE-M, NB-IoT) to over 600 radio network operators – 397 in direct partnerships – in almost 200 countries from more than 25 cloud regions.
The company plans to add an additional 10 cloud regions in 2022.
Based out of London, OnePeak is a growth equity firm investing in technology companies in the scale-up phase. Besides growth capital, the company provides operating expertise and access to its extensive network of exceptional entrepreneurs.
The UK equity firm has previously invested in Neo4j, DocPlanner, Spryker Systems, PandaDoc, Keepit, Cymulate, Paysend, HighQ, Quentic, Coople, DataGuard, Brightflag, and many more.
“The global cellular IoT market is approaching an inflection point as the need for location-independent real-time data is greater than ever, while diminishing module sizes and deployment costs enable an abundance of use cases. EMnify is paving the way to meet the demand for global borderless connectivity to be available as a cloud-native resource analogue to other existing components of a modern technology stack,” says David Klein, Managing Partner at One Peak.
“We believe the company has all the ingredients in place to become the global standard in cellular IoT connectivity and look forward to supporting EMnify during its next phase of explosive growth,” he adds.
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