Mobile semiconductor product maker Qualcomm co-led a $40m series C round for US-based internet-of-things (IoT) technology developer Particle on Wednesday through corporate venture capital subsidiary Qualcomm Ventures.
The round was co-led by investment firm Energy Impact Partners and also featured Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures and SOSV.
Particle has built an integrated platform for IoT product development that combines software, hardware and connectivity, serving as a framework enabling businesses to create their own IoT products.
Carlos Kokron, managing director of the Americas for Qualcomm Ventures, said: “Creating a bridge from the physical to the digital world is far more complex than most people realise. From the device itself to the network to cloud connectivity and software functionality, there are a lot of moving parts and complexities.
“Particle’s full-stack platform for IoT technology development accounts for all of these vital elements in a highly secure and flexible environment. We have been very impressed with Particle’s technology and market traction and are excited to continue to support their growth.”
The round took Particle’s total funding to $81.3m, the company said. Qualcomm Ventures had already chipped into a $20m series B round in July 2017 led by Spark Capital and backed by unnamed existing investors.
OATV, media company O’Reilly’s corporate VC arm, joined Lion Wells Capital, SOSventures and Collaborative Fund to provided $4.2m in seed capital for Particle in 2014 before investing in a $10.4m series A with Root Ventures and Rincon Venture Partners two years later.
