Total investment of $5M boosts product development and market presence in rapidly growing market of autonomous support for routers, smart hubs, gateways and edge devices in smart homes
RAMAT GAN, Israel, May 21, 2019 /PRNewswire/ -- Israeli startup, Veego, the developer of breakthrough artificial intelligence technology for eliminating malfunctions in the connected home, has completed its Seed Funding with the addition of Robert Bosch Venture Capital GmbH (RBVC), the venture arm of the Bosch Group. RBVC joins State of Mind Ventures (SOMV) and North First Ventures (N1V) to enable Veego to deliver innovative products to the rapidly growing connected-home industry.
"We welcome our newest strategic partner, RBVC, who, along with our original investors, SOMV and N1V, endow us with the financial and strategic backing and trust to create a major disruption in the support of the complex IoT ecosystem in millions of connected homes," stated Veego CEO, Amir Kotler.
RBVC Managing Director, Dr. Ingo Ramesohl, said, "We see the market for IoT support in the connected home growing considerably over the next several years. Veego is producing innovative AI technology that can be a game-changer for customer service and IoT device manufacturers."
Veego puts an end to malfunctions in smart homes. Its breakthrough AI technology deploys on smart hubs, routers and IoT devices, automatically detecting, analyzing and repairing connected-home device and system problems before customers even notice them.
"We are proud to be the first seed investor in Veego's very promising technology and products," said Pinhas Buchris, General Partner of SOMV. "We expect the company to quickly conquer markets in North America and Europe."
Ronen Smooha, Co-Founder and Managing Partner of N1V affirmed, "We can easily understand the desire of RBVC to join us in this venture. The power of these three investors will surely allow Veego to achieve its product and marketing goals over the next 12 months and position the company for success."
Veego is ready to deliver its unique autonomous malfunction detection, analysis and repair technology to Internet Service Providers and Smart-Hub manufacturers this Summer. It is also developing new technologies that will be embedded in smart devices, enabling breakthrough visibility into IoT device performance.
Things break. And billions of connected IoT devices break a lot. And for many reasons.
Across the entire connected-home ecosystem, Veego delivers device and network-performance information to service teams, developers and integrators. We automatically solve connected-home problems such as hardware and software, configuration and setup, complex integration, load on devices and networks, and environmental effects.
Founded by Amir Kotler, Denis Sirov and Reffael Caspi, Veego autonomously detects, analyzes and repairs malfunctions even before customers encounter them.
Additional information is available at: www.veego.io
About State of Mind Ventures
State of Mind Ventures is an early-stage venture capital fund that invests in the people who are building the technology infrastructure for tomorrow. SOMV partners earlier than most funds with innovative teams of over-achievers. The SOMV team is there with the founders of startups as they shape their vision, build their teams and take on the world. SOMV is interested in Super-Scale, Very Big-Data, Deep AI, Computer Vision, Semiconductors, Disruptive Cyber, IOT, Communications, Storage, Aerospace and other world-changing ideas.
Additional information is available at: www.somv.com
About North First Ventures
North First Ventures partners with Seed to Round A stage companies harnessing innovative technologies, solving real-world problems within large markets or creating new markets. The N1V team has extensive experience as entrepreneurs, mentors and global business and marketing strategists, coupled with deep technological expertise.
As generalists N1V invests in both B2C and B2B ventures including applied AI, Smart Mobility, Enterprise software, IOT, Cloud and FinTech. N1V was founded in 2017 by Matti Zinder & Ronen Smooha.
Additional information is available at: www.n1v.com
About Robert Bosch Venture Capital
Robert Bosch Venture Capital GmbH (RBVC) is the corporate venture capital company of the Bosch Group, a leading global supplier of technology and services. RBVC invests worldwide in innovative start-up companies at all stages of their development. Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all, automation and electrification, energy efficiency, enabling technologies, and healthcare systems. RBVC also invests in services and business models as well as new materials that are relevant to the above-mentioned areas of business.
Additional information is available at: www.rbvc.com
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