Axeda Corporation, a US-based provider of cloud-based services and software for connected device management and machine-to-machine (M2M) and Internet of Things solutions, has closed a $12m growth funding round led by growth equity firm JMI Equity, and including the participation of IT consulting and outsourcing company Wipro and Mitsui USA, the US division of Japan-based trading company Mitsui & Co.
Axeda already announced in June 2013 that it had raised $5m from Wipro. Previously, in 2009, Axeda raised $5m in a series B equity funding led by JMI Equity, together with $4m in venture debt from Canada-based MMV Financial.
Axeda also announced the promotion of Todd DeSisto to the position of president and chief executive officer, having served as chief financial officer and chief operating officer of Axeda.
Jit Sinha, general partner, JMI Equity, said: “The commitment of Todd and the Axeda team has been unwavering, and as a result, Axeda has achieved significant momentum in signing an enviable list of enterprise customers, expanding key ecosystem partnerships, and developing international channels.”
Dr. Anurag Srivastava, senior vice president and chief technology officer of Wipro, said: “Axeda has established a leadership position in M2M and the Internet of Things. We are a key M2M solution partner for customers in the telecommunications, health and life sciences, manufacturing and energy & utilities space. With multiple M2M customer engagements already underway, we see merit in strengthening this partnership and investing in its successful future.”
As a strategic business partner, Mitsui USA will work closely with Axeda to expand its geographical footprint and customer base by identifying and expanding sales and business development in Asia-Pac.
Masahiro Moriyasu, senior vice president, Mitsui USA, said: “Axeda has created a cloud platform with enormous growth potential, including new M2M products and strategic alliances, and we are excited to support Axeda in building new international partnerships.”