Germany-based industrial internet-of-things (IoT) technology provider Relayr raised “roughly” $30m in funding on Monday from investors including telecommunications company Deutsche Telekom’s corporate venturing unit, Deutsche Telekom Capital Partners.
The round, which brought Relayr’s overall funding to approximately $67m since it was founded in 2013, also featured venture capital firm B37 and VC fund Purple Arch Ventures.
Relayr has developed a middleware software platform that utilises artificial intelligence to generate a relevant data feed from industrial businesses’ IoT systems and machines, allowing them to manage the devices effectively and conduct analytics on the data to gain insights.
Josef Brunner, Relayr’s chief executive, said: “This investment will allow us to grow substantially and further solidify our profile globally.
“Because we enter into long-term partnerships with our customers, robust methods play a key role in accompanying them on their journey into modern ‘pay-per-use’ and ‘as-a-service’ business models that combine technology, service, insurance and financing.”
Relayr secured $23m in a late 2016 series B round led by Munich Re/HSB Ventures, the corporate venturing vehicle for reinsurance firm Munich Re, that also featured VC firms Kleiner Perkins Caufield & Byers (KPCB) and Munich Venture Partners.
Munich Venture Partners and KPCB had previously participated in the company’s $11m series A round in 2015 alongside angel investors Josef Brunner and Tom Noonan.