Particle's secure, scalable IoT platform increased year-over-year revenue by 150 percent and grew multi-million dollar contracts by 300 percent in 2019
SAN FRANCISCO, Oct. 30, 2019 /PRNewswire/ -- Particle, the most widely-used Internet of Things (IoT) platform in the world, today announced it has raised $40 million in Series C funding led by Qualcomm Ventures LLC and Energy Impact Partners. This round also includes prior existing investors Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures, and SOSV. This brings Particle's total venture capital funding to $81.3 million to date.
The funding round follows significant growth in demand for Particle's enterprise IoT platform. The company has experienced 150 percent year-over-year revenue growth, driven largely by fast-growing customers successfully bringing their Particle-powered IoT products to market. Particle customers also benefit from the security, reliability and scalability that a full-stack platform provides; customers are gathering more than 22 billion sensor data points a year.
Particle offers an end-to-end IoT platform that provides software, hardware, and connectivity as an integrated solution that ensures their customers' IoT products are reliable, scalable, and secure. This allows a wide variety of companies ranging from traditional manufacturers to fast-growing start-ups to bring an IoT product to market quickly without building their own software infrastructure.
"Over the last seven years we've seen a wide range of business embrace IoT, especially those driving innovation in traditional industries," said Zach Supalla, CEO of Particle. "More and more of our customers are in old-fashioned, even unglamorous, businesses like stormwater management, industrial equipment, shipping, or monitoring any number of compressors, pumps, and valves. These businesses are diverse, but the common thread is that they need to monitor and control mission-critical machines, and we see it as our mission to help bring their machines, vehicles, and devices into the 21st century."
"Creating a bridge from the physical to the digital world is far more complex than most people realize," said Carlos Kokron, Vice President, Qualcomm Technologies Inc., and Managing Director, Americas,Qualcomm Ventures. "From the device itself to the network to cloud connectivity and software functionality, there are a lot of moving parts and complexities. Particle's full-stack platform for IoT technology development accounts for all of these vital elements in a highly secure and flexible environment. We have been very impressed with Particle's technology and market traction and are excited to continue to support their growth."
For EIP, investing in Particle is investing in sustainable energy and environmental protection. "As we move toward a decarbonized future, Particle's industry-leading full-stack IoT platform will play a foundational role in reducing the barriers to innovation for startups and incumbents across the entire energy value chain," said EIP Partner Sameer Reddy. "The impact they'll have to our industry and partners in driving a cleaner and more resilient future will be exciting to watch."
For more information on Particle please visit www.particle.io.
Particle is the only end-to-end IoT platform that combines software, hardware, and connectivity as an integrated solution that ensures their customers' IoT products are reliable, scalable, and secure. Thousands of companies ranging from traditional manufacturers to fast-growing start-ups are launching IoT products powered by Particle. Particle works with leading companies across a variety of industries, including customers like Jacuzzi, Continental Tires, Watsco, Shifted Energy, Anderson EV, and Opti. Particle is venture backed and has offices in San Francisco, Shenzhen, Las Vegas, Minneapolis, and Boston. For more information visit www.particle.io. Particle boasts the largest developer community in the IoT industry, with nearly 200,000 developers and engineers in more than 170 countries building with Particle.
About Qualcomm Ventures
As the venture capital investment group of Qualcomm Incorporated, a world leader in next-generation wireless technologies, Qualcomm Ventures has been making strategic investments in technology companies that have the potential to dramatically transform our world since 2000. As a global investor, we're focused on building the connections that bring our mobile future forward. For more information please visit: www.qualcommventures.com.
About Energy Impact Partners
EIP is an investment firm focused on the conversion of the energy industry towards a decarbonized, decentralized, digitized and electrified future. EICF is EIP's credit platform that was created to provide credit solutions to US based companies. EIP brings together leading innovators with some of the world's most forward-looking energy and operating companies to create a cleaner, more secure, and resilient future. Through close collaboration with its investor base, EIP connects innovative companies with buying power and industry vision to influence the emerging energy landscape. EIP's utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Evergy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. www.energyimpactpartners.com.
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