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Iotic raises €7.5 million to drive growth

Cambridge-based Iotic has secured investment of €7.5/£6.5 million to accelerate growth and meet increasing demand for its leading digital twin technology

Iotic enables assets, objects, companies and people to interact automatically and securely. The digital software company provides the secure operating environment and tools necessary to create digital twins of any thing, enabling their secure interactions and building true interoperable ecosystems.

The investment from European VCs; IQ Capital, Talis Capital and Breed Reply, will be used to drive rapid deployment, extend channel partnerships and expand market adoption of its patented Iotic Operating Environment, Twin technology and Event Analytics. The funding will allow Iotic to capitalise on its patented technology and market position.

The digital version of a thing, the Twin, has access to all its data and controls throughout its entire life, converting those end points into meaningful events - helping enterprises to deliver on the opportunities associated with the use of AI and Machine Learning.

This investment will enable Iotic to build on its pipeline of enterprise customers, including Rolls-Royce Power Systems and BAM Nuttall, who have deployed Iotic’s technology to address fractured, inflexible IT infrastructure and data management problems.

Robin Brattel, CEO of Iotic said, “This investment is a further major endorsement of our Operating Environment and tools and the business strategy behind them. Having already secured a number of high-profile clients, we are focused on further development and scaling – initially targeting high-value manufacturing, construction and infrastructure sectors. Our longer-term vision is for our interoperable Twins and their Event Streams to be incorporated into every single technology stack that will help to underpin digital transformation and to deliver a strong return on investment for our customers.”

Founded in 2014 out of Cambridge, growing enterprise and channel demand globally has opened up new markets enabled by Iotic’s new North American operations hub in Raleigh, North Carolina. This has been supported by the expansion of the management team with the hiring of new COO Hans Weinberg, (previously CIO at ABB, North America), and Kathy Reppucci, (who joins Iotic as VP Marketing from IBM) to deliver global integrated marketing strategies.

Ed Stacey, Partner, IQ Capital, said: “Iotic is a leader in interoperable technology, which is the biggest evolution of data management since relational databases. This technology will underpin future digital transformation projects in manufacturing and many other industries, enabling companies to integrate their data streams much more easily, securely and flexibly, and at any level of scale.”

Commenting Emanuele Angelidis, Managing Partner, Breed Reply said “We believe the successful deployment of digital twin technology is going to be a major factor in helping speed the adoption of IoT across many different industries."

Author
Neil Tyler

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