Seebo, an Israel-based internet-of-things (IoT) technology developer backed by design software producer Autodesk, has added $8m to a series A round that now totals $16.5m.
Investment firm TPY Capital and venture capital firms Viola Ventures, Pritzker Group Venture Capital and Global IoT Technology Ventures provided the funding. Seebo has secured a total of $22m to date.
Founded in 2012, Seebo develops cloud-based IoT software that enables industrial manufacturers to turn their existing machinery into smart systems that report health and usage data. The product also includes a behavioural analytics element to provide insights into the data it produces.
The funding will be used to support the platform and extend Seebo’s strategic partnerships. The $8.5m first tranche was raised from Viola Ventures (then known as Carmel Ventures), TPY Capital and undisclosed others in January 2016.
Autodesk provided Seebo with an undisclosed amount of funding in June 2016 through a fund launched to support its Forge cloud services platform, though Seebo did not list it among the series A investors.
Lior Akavia, CEO and co-founder of Seebo, said: “Since its inception, Seebo has been focused on building the leading platform for IoT planning and delivery.
“We have succeeded in driving customer adoption and outstanding product value. Today we see a surge in market demand from industrial manufacturers in dozens of verticals – such as mining, packaging machinery, water filtration equipment and industrial pumps – in addition to top-notch [business-to-consumer] brand manufacturers that we continue to serve.”