Digital software company Iotic has announced that it has secured €7.5million in funding to accelerate growth and meet increasing demand for its pioneering digital twin technology.
Iotic enables enterprises and their ecosystems of assets, objects, companies and people to interact automatically and securely. The digital software company provides the secure operating environment and tools to create digital twins of any thing, enabling their secure interactions, and building true interoperable ecosystems.
The funding was from leading European VCs; IQ Capital, Talis Capital and Breed Reply, will drive rapid deployment, deepen channel partnerships and expand market adoption of its patented Iotic Operating Environment, Twin technology and Event Analytics.
The Iotic vision is a world where any thing can interact with any other thing – from the smallest sensor, to the largest power station, engine, train and plane along with people, suppliers and customers.
The digital version of a thing, the Twin, has access to all its data and controls throughout its entire life, converting those end points into meaningful events – empowering enterprises to deliver on the promise of AI and Machine Learning, and to truly be digital.
Robin Brattel, CEO of Iotic said: “This investment is a further major endorsement of our Operating Environment and tools and the business strategy behind them. Having already secured a number of high-profile clients, we are focused on further development and scaling – initially targeting high-value manufacturing, construction and infrastructure sectors.
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“Our longer-term vision is for our interoperable Twins and their Event Streams to be incorporated into every single technology stack that will help to underpin digital transformation and to deliver a strong return on investment for our customers.”
Founded in 2014 out of Cambridge, growing enterprise and channel demand globally has opened up new markets enabled by Iotic’s new North American operations hub in Raleigh, North Carolina.
Ed Stacey, Partner, IQ Capital, added: “Iotic is a leader in interoperable technology, which is the biggest evolution of data management since relational databases.
“This technology will underpin future digital transformation projects in manufacturing and many other industries, enabling companies to integrate their data streams much more easily, securely and flexibly, and at any level of scale. These disruptive characteristics are exactly what IQ Capital looks for in the businesses it invests into, and we look forward to Iotic leading the market with this entirely new product category.”
Matus Maar, Co-Founder & Managing Partner, Talis Capital said: “Since working with Iotic we have been impressed by its ability to develop a clear value proposition, achieve product market fit and secure significant traction with several leading enterprises.
“We are excited to be working with Robin and the team and look forward to seeing the company grow as they continue to meet the growing demand for their revolutionary technology.”