US-based internet of things (IoT) technology developer Afero closed a $20.3m series A round on Wednesday led by consumer electronics manufacturer Samsung through its $100m Catalyst Fund.
Presidio Ventures, a corporate venturing subsidiary of conglomerate Sumitomo, internet and telecoms group SoftBank, electronic components trading company Sanshin Electronics and Fenox Venture Capital, which manages a $20m fund on behalf of IT services firm Infocom, also participated.
The investors were rounded out by investment firm Assembly Partners and angel investor Robert Dobkin.
Founded in 2014, Afero’s platform enables developers to create secure smart devices and upgrade existing products to include IoT functionality. The company targets both the consumer and enterprise markets.
Afero previously partnered Infocom, electronic components manufacturer Murata and video game publisher Bandai Namco Studios when it launched its platform in December 2015.
Shankar Chandran, vice-president and head of Samsung Catalyst Fund, said: “Afero has built an elegant end-to-end platform solution that solves a real problem for companies struggling to set up, deploy and manage IoT at scale.
“This investment amplifies our strategy of open innovation and collaboration, which fuels innovative startups and enables them to bring their visions to market more effectively.”