Telecomminications equipment manufacturer Sunsea Telecommunications co-led a $60m series D round yesterday for Ayla Networks, a US-based provider of software that streamlines internet of things (IoT) system management.
Investment firm Run Liang Tai Fund co-led the round, which the increased the company’s overall funding to approximately $119m.
Ayla operates a cloud-based platform that allows third-party manufacturers to easily integrate IoT functionality into their devices, facilitating the development of smart products.
The cash will be used to expand Ayla’s product capabilities and build out its ecosystem of partners and application providers.
The company will also join forces with Sunsea to accelerate its expansion in China. They plan to jointly launch a locally headquartered joint venture called Ayla Sunsea to target the Chinese market more efficiently.
Ayla previously received $39m in a June 2016 series C round co-led by smart lifestyle product maker 3Nod and boutique investment bank Ants Capital.
Networking equipment maker Cisco’s investment arm, Cisco Investments, also took part in the 2016 round, as did conglomerate Mitsui, International Finance Corporation (IFC), Acorn Pacific, Crosslink Capital, Linear Venture, SAIF Partners/Oriza Ventures, SJF Ventures and Voyager Capital.
Cisco Investments had already participated in Ayla’s $14.5m series B round in 2014 alongside IFC, Linear, SAIF, SJF, Crosslink and Voyager, the latter two having previously supplied $5.4m in series A funding in 2013.