Connectivity start-up Onomondo secured $21 million in funding from VC investors, cash the IoT-focused company plans to use to accelerate growth in Europe.
The Denmark-based business provides cross-border IoT connectivity to enterprises using a single platform where devices are able to move between operator radio networks as they change country.
In a statement on the investment, it claims to have integrated the system with more than 700 RANs across 180 countries, with flexibility to switch between them using a single SIM and without moving off its own virtualised platform.
Onomondo also uses infrastructure from various cloud providers, and offers performance statistics and troubleshooting for devices.
Current customers include international businesses Bosch, Carlsberg Group, MAN Energy Solutions and shipping company Maersk.
Onomondo’s latest funding round was led by VC fund Verdane with existing investors Maersk Growth, People Ventures and The Danish Growth Fund also chipping-in.
The company noted the fresh backing would aid its aim to “drive growth and meet its planned projection of tripling its annual recurring revenue in 2022 and 2023”. As part of this it plans to increase its workforce in a bid to widen its customer base.