Cellular IoT provider EMnify raises $57m for ‘global expansion’
Cellular IoT provider EMnify has raised $57 million (€50 million) in Series B funding from London-based growth fund One Peak. The new capital, with One Peak as sole investor, will accelerate the Berlin-based firm’s global expansion, “with a particular focus on the US”, it said, and further optimise its proprietary cloud-based IoT roaming solution.
EMnify supplies international IoT roaming on LTE-M and NB-IoT, as well as standard 2G-through-5G connectivity. EMnify positions itself as a “cloud building block” for cellular in the IoT stack. Its API and SIM solution connect and secure all-sized IoT deployments – “from local start-up to global enterprise” – to its application back-end.
It states: “[Our] IoT ‘super-network’ is the largest globally distributed mobile cloud core network of its kind, supporting local access to over 600 radio network operators – 397 in direct partnerships – in over 195 countries from more than 25 cloud regions.” It said it will add 10 ‘cloud regions’ in 2022. It claims to connect IoT traffic for “thousands of customers” managing “millions of connected devices” – covering meters, alarms, trackers, and health gear.
The company claimed compound growth (CAGR) in the five years to the end of 2021 of 190 percent for SIM growth and 77 percent for revenue growth – although it was only founded in 2014. It has so far raised $80 million (€70 million) in equity capital. “EMnify was the first to transform cellular IoT connectivity into an easy-to-consume cloud resource,” it says.
It has 110 full-time IoT staff, which it says are “helping fast-growing IoT companies from 70 countries to scale their solutions in more than 140 markets”. The company will use the new funds to expand its management team and double its overall headcount in 2022 – “with focus on the technology and go-to-market functions in the DACH region and North America,” it said.
Tech-focused scale-up investor One Peak lists investments with Neo4j, DocPlanner, Spryker Systems, PandaDoc, Keepit, Cymulate, Paysend, HighQ, Quentic, Coople, DataGuard, Brightflag, among others.
Frank Stoecker, co-founder and chief executive at EMnify, said: “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.”
David Klein, managing partner at One Peak, said: “The 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…We believe the company has all the ingredients in place to become the global standard in cellular IoT connectivity.”