Uhuru, a Japan-based internet-of-things (IoT) technology developer that counts corporates Salesforce, NEC, Mitsui and SoftBank as investors, plans to launch an initial public offering in the UK, the Financial Times reported yesterday.
Founded in 2006, Uhuru has built an IoT orchestration platform called Enebular that securely manages the operation of large numbers of connected devices in tandem with each other while generating data on their operations. It generated approximately $35m in revenue in 2018 according to the FT.
The company intends to formally file early next month for an IPO on London’s Aim market, having opened an office in the city earlier this year. It is being advised on the offering by Arden Partners.
Enterprise software provider Salesforce invested an undisclosed amount in Uhuru in 2011 through its corporate venture capital vehicle, Salesforce Ventures, before joining diversified conglomerate Mitsui to provide $4.4m in funding in 2015.
Salesforce Ventures, IT product manufacturer NEC Corporation and telecommunications group SoftBank invested an amount reported by the FT to be $4.5m in the company in August 2018. The publication also named industrial part producer NGK Spark Plug as a backer.