US-based internet of things (IoT) development platform Arrayent has closed a $15m series C round featuring the corporate venturing units of semiconductor product maker Intel and financial services firm Orix.
Orix Ventures invested $4m in the round, which reached an $11m first close in September 2015, joining existing investors Intel Capital, financial services provider Comerica Bank, DCM Ventures and Opus Capital
Arrayent is the creator of an IoT platform that can help consumer brands to convert ordinary products into internet-connected devices. It has now raised more than $35m in debt and equity financing, having secured $11.9m in a 2013 series B round backed by Intel Capital, DCM and Opus.
Jeff Bede, managing director of Orix Ventures, said: “What initially attracted us to Arrayent was their success with prominent consumer brands. Connected consumer products is a very large potential market that has to date been short on results.
“We believe Arrayent is the most promising IoT platform company to support global brands’ connected products at scale and across multiple geographies. This round of funding will help enable Arrayent to further expand their already impressive customer list and scale their business at an accelerating pace.”