FCP Innovacion, the corporate venturing vehicle for Colombia-headquartered public utilities company Empresas Públicas de Medellín (EPM), provided an undisclosed amount of funding for US-based internet of things (IoT) technology developer Tekpea yesterday.
Founded in 2010, Tekpea provides an end-to-end platform that essentially makes unconnected devices cloud-ready, allowing them to be centrally controlled and automated, and enabling companies to build better energy efficiency and automation technology.
Felipe Zarate, general partner of FCP Innovacion, will join Tekpea’s board of directors. He said: “Tekpea is perfectly positioned to become the leading provider of enabling technologies that allow traditional devices – such as energy meters, appliances and even street lights – to connect to the cloud.
“We believe that Tekpea’s complete solution enables the IoT promise to become a reality, on price points that make it attractive to utilities and industrial clients across the globe.”
EPM offers utility services including energy, water, natural gas, waste management and telecommunications services to a 20 million-strong customer base. Tekpea, which had not disclosed any earlier funding, will use EPM’s investment to increase use of its multi-protocol platform among utilities and industrial clients.