Onomondo, a startup offering a dedicated wireless network for internet of things devices, today announced that it raised $21 million in a funding round led by Verdane. The new cash will be put toward productization, go-to-market efforts, and marketing as Onomondo scales its team from 50 to around 100 by the end of the year, according to CEO Michael Karlsen.
The goal of Onomondo was to expand the capabilities of what a network can solve for the internet of things. On the back of hundreds of cellular providers, Onomondo built a wireless network for the internet of things.
Prior to co-founding Onomondo, Karlsen was the CFO at Playdead and co-founding Tel42. Tel42 was acquired by Green Wave Systems.
Karlsen said in an email interview that the solution was unique to the market as it offered end-to-end control and visibility from any cellular antenna to any cloud. The service is fundamentally different from anything else on the market due to the unique power tools on top.
The image is called Onomondo.
It isn't a novel idea to have a network for the internet of things. FloLive built a solution to connect private, local cellular networks for the internet of things. Helium and Kepler Communications used other technologies to help the internet of things. At one point, major players such as SoftBank, Orange, KPN and Swisscom created or maintained nationwide Internet of Things networks.
Karlsen argues that dedicated internet of things networks have advantages over traditional cellular networks. Mobile phone networks aren't usually battery-efficient because devices on the network must communicate frequently Onomondo is an example of a network that is designed for long-range data transfers and very low power consumption.
The status quo and normalized is what the internet of things market has been conditioned to think of. When we tell our customers they can use the network to double their devices lifetime, half battery consumption, lower data consumption, drive down debugging time, cut costs and increase stability with nothing but a network change, they really start to listen and realize.
Information about each device is sent to the cloud when a customer installs Onomondo's sim card. The platform automatically routes the connection when the devices move between countries. Karlsen claims that the device owner stays in control and that the device doesn't need to update itself or share sensitive data.
A partner at Verdane, Pl Malmros, said that Onomondo is targeting companies in industries that are rich in assets. In an email Q&A, he said that the industries have tried to harness the Internet of Things to manage supply chains. Onomondo is bringing a new approach to the challenges of the Internet of Things market by redesigning existing architecture to create a single virtual network.
The market is difficult. Sigfox, a French Internet of Things startup that had raised more than $300 million, filed for Chapter 11 protection in January because of the swine flu. The company blamed the global chip shortage for squeezing the larger electronic components market.
The image is called Onomondo.
Onomondo has around 50 new customers every quarter. Bosch, Carlsberg, and Maersk are current customers.
In the first quarter of 2022, business was solid and we saw an x4 increase in new customer intake as well as continued triple-digit year-over-year growth within our existing customer base. The funding will allow us to accelerate our strategy and capture more market share in Europe.
Onomondo has raised more than 26 million dollars in capital.
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