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Onomondo raises $21M growth investment.

Verdane, a leading growth equity investment firm, has invested $21M into Onomondo, a Danish scale-up that has redesigned existing IoT connectivity architecture.
Onomondo Executive Team 2022 Web

Onomondo is a company that helps customers think about connectivity less. It might seem paradoxical, but we could define success by becoming invisible.

 

However, we definitely want the following news to be seen.

 

We are really pleased to share that we’ve just closed a $21M funding round led by Verdane, along with participation from our existing investors, Maersk Growth, People Ventures, and The Danish Growth Fund.

 

This comes on the back of our rapid evolution over recent years, building new functionalities into our network, hiring incredibly talented people, and picking up exciting customers from a broad range of industries.

 

With this initial growth round, we can take significant steps toward our goal of truly enabling the 4th industrial revolution and lowering the barrier for digitizing the world’s physical industries. It's time to supercharge our unique IoT Connectivity Stack and hire even more talent so we can make a truly lasting impact in the world. 

 

In the short term, this means we plan to leverage the new funds to scale our team from 50 to 100 by the end of 2022. In the medium term, this investment helps us remain a rock of connectivity stability during uncertain global economic times ahead.

 

A unique IoT Connectivity Stack.

 

A new internet revolution is happening for physical things, bringing with it the ability to address critical climate challenges, optimize processes, and improve people's lives globally.

 

IoT might mean home assistants and smart lightbulbs to some, but it's so much more than that – it's Aguardio reducing water wastage, Connected Cars connecting workshops to drivers via their cars, Maersk creating an ever-more efficient supply chain, Wastehero reducing cities' CO2 emissions and waste collection costs, Lightbug building a PAYG commercial model for GPS trackers, and Consibio monitoring gasses to reduce wastewater infrastructure corrosion.

 

To help great IoT ideas proliferate, we've reimagined IoT connectivity by building a virtualized IoT network without relying on the traditional operator network stack. 

 

We've re-engineered cellular IoT connectivity with our full-core integration with over 700 networks globally. Our infrastructure has meant we can take a lot of burden off of devices and place logic in our core network, future-proofing devices against relentless technological change and removing layers of complexity for global connectivity. 

 

On top of our network, we've built granular, real-time insight into the performance of each connected device, allowing users to instantly troubleshoot IoT devices – as opposed to waiting hours or days with traditional carriers. 

 

Global connectivity to the cloud.

 

We're proud of the value customers derive from our interoperable SIM cards. Devices can seamlessly move around the world without the complexity of roaming, updating profiles on SIM cards, or the need for custom connectivity logic on devices.

 

Onomondo makes it effortless to monitor assets via IoT cloud platforms from Microsoft Azure, AWS, Google, and many more. Our no-code cloud connectivity, Onomondo Connectors, can double the battery life of devices by reducing data consumption while also auto-provisioning IoT deployments in the cloud.

 

An opportunity in the network.

 

It's interesting how the attention in IoT has traditionally centered around hardware and the cloud. Connectivity has traditionally been the commodity added at the end of developing a solution, something that can destroy the ROI of an otherwise great project and act as a barrier to progress and scale. 

 

We see a clear shift towards the market asking for more from their connectivity solution. This trend will dramatically heighten the success rate of IoT and lower both complexity and barriers to entry. 

 

This shift will benefit both people, profit, and the planet. 

 

Onomondo and our recent momentum represent this shift, and we have found Verdane to be the perfect partner to help us deliver fully on this vision and accelerate our growth.

 

The future of IoT.

 

Cellular IoT is a 5.6 billion dollar industry today, set to double again in just the next few years.

 

That massive growth trajectory behind that number stems from digitization happening across many industries and use cases, all at once. No one will be left untouched by this, be it via smarter cities, more efficient supply chains, living more sustainably, or making better decisions based on instant real-world data.

 

Our vision is to enable the fourth industrial revolution which is taking place by removing connectivity from the equation of IoT.

 

We are not the device, not cloud computing, nor the data that IoT generates. Instead, we're the invisible link between the physical world and the cloud. Much like power out of the socket is taken for granted in our day, we are the essential yet seamless layer to our customers, empowering the solutions of the future to flourish. 

 

When we make that link disappear, we succeed in enabling IoT to truly scale to its full potential.

 

Thank you to our investors.

 

Our vision wouldn't be possible without our investors. We're thrilled that Verdane, a leading growth equity investment firm, led this investment round with full participation from Maersk Growth, People Ventures, and The Danish Growth Fund.

 

Verdane's experience of over 45 software investments puts us in a strong position going forwards. PwC named them the most active financial investor in Nordic software growth companies 2016-2020, and Pitchbook positioned them as a Top 4 most active GP acquirer of Nordic-based companies by deal count 2015-2021, facts that give us great confidence in this journey we are taking together.

 

As we continue to grow Onomondo with this extra support, we look forward to increasing the success rate of IoT and helping our customers develop, deploy and operate their impressive solutions.

 

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About Onomondo.

 

Onomondo is a tech scale-up operating a global network for the Internet of Things. Headquartered in Copenhagen, Denmark, Onomondo services customers in more than 160 countries, is available in more than 180 countries, and has full integration with over 700 local operators. Originating in its end-to-end virtualized core, Onomondo has built the world’s most powerful IoT stack empowering customers with real-time monitoring and debugging, cloud connectors, APIs, webhooks, an easy-to-use management platform, and much more.

 

More info: www.onomondo.com

Follow Onomondo on LinkedIn

 

About Verdane.

 

Verdane is a specialist growth equity investment firm that partners with tech-enabled and sustainable European businesses to help them reach the next stage of international growth. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy behind three core themes; the Digital Consumer, Software Everywhere and Sustainable Society. Verdane funds hold over €4 billion in total commitments and have made over 140 investments in fast-growing businesses since 2003. Verdane’s team of over 100 investment professionals and operating experts, based out of Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.

 

More info: www.verdane.com

Follow Verdane on LinkedIn



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