Spanish smart city technology specialist Wellness Telecom has landed a Series A investment round from Enzen Group, an international professional services group based in India that is focused on energy efficiency and environmentally-friendly processes in the utility sector.
Neither party disclosed the value of the investment, or the resulting equity stake for Enzen. Wellness, which employs more than 100 and claims deployments in 200 cities and 100 enterprises, said the investment would fund its further international expansion in markets such as the US, UK, India, Germany and Scandinavia, boost its headcount by about 25% and accelerate its product development plans.
The Seville, Spain-based company offers support services, analytics and cybersecurity systems, as well as smart city/IoT/energy efficiency tools, such as WeLight (street lighting monitoring and management) and WeSave (industrial and enterprise energy consumption monitoring), to utility companies and smart city management firms.
"This investment will enable us to build up the necessary resources to successfully take on an ambitious international expansion along with Enzen … [and] will allow us to continue to invest in and support research and development, thus offering the most innovative products on the market in the field of IoT," noted Wellness Telecom founder and CEO, David García Ternero.
"By leveraging the convergence of state-of-the-art technology, smart sensors, communications and cybersecurity and with a deep understanding of urban landscapes and their efficiency challenges, Wellness is well-positioned to be a game changer and reshape global cities and their infrastructure," said Enzen Group CEO Kutty Prabakaran.
— Ray Le Maistre, International Group Editor, Light Reading