VersoVentures, a Finland-based fund to support spin-outs from local telecoms equipment supplier Nokia Siemens Networks (NSN), has backed Cumulocity, a Germany-based mobile machine-to-machine (M2M) applications provider.
Alongside VersoVentures in the spin-out was German state and corporate-backed early-stage investment firm High-Tech Gruenderfonds (HTGF).
NSN said it would continue to support the M2M activities of Cumulocity.
Bernd Gross, chief executive of Cumulocity, was previously the vice-president at the NSN internal incubator programme, startups@nsn.
By email, Gross said: “M2M/Cumulocity is one of the internal start-ups and has graduated to become an external company.”