Particle Scores $40M to Scale IoT Production Plans
Startup Particle has raised $40 million to help fund its deployment of IoT hardware projects globally.
The San Francisco-based startup began in 2013. It offers a variety of WiFi, mesh and cellular hardware that can be used in IoT projects.
The company currently has 85 customers, including the Air National Guard; Opti (which runs storm water runoff management systems); and various micromobility companies (a.k.a. scooter sharing startups), such as Olulu and Shared Technologies.
"Our success can be measured by our customers' growth; the average fleet of IoT products on our platform has grown by 70% since the beginning of the year, and our revenue has grown 150% year-over-year," writes CEO of Particle Zach Supalla in a blog post.
Lead investors in the $40 million Series C are Qualcomm Ventures and Energy Impact Partners. Previous investors that participated in this round include Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, OATV, Green D Ventures, Counterpart Ventures and SOSV. The company has raised $81 million in total funding.
Supalla says that the money will be spent on developing the company’s enterprise IoT suite and building up its engineering and product teams. The company currently has 100 employees.
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— Dan Jones, Mobile Editor, Light Reading