Germany-based signal-processing technology developer Teraki has completed an $11m series A round with backing from Innogy Ventures, a strategic investment vehicle for energy utility Innogy.
Multi-family office Horizons Ventures led the round, which also featured an unnamed Japan-based technology company as well as State Auto Labs Fund, which is backed by insurance provider State Auto, in addition to Bright Success Capital, Paladin Capital Group and Castor Ventures.
Teraki has created advanced data processing software it claims makes automotive and internet-of-things applications and algorithms run 10 times more efficiently. The series A funds will support the expansion of its business into new industries.
The round took the company’s total funding to $16.3m, including $3m in seed and grant funding from Paladin Capital, telecommunications firm Deutsche Telekom’s Hub:raum incubator and GPS Ventures in September 2018.
Insurance firm American Family added another $2.3m through its American Family Ventures subsidiary in March this year. Teraki also identified Innogy Ventures as an existing backer this week.
