Particle, a platform for Internet of Things devices, has raised $40 million in its latest round of funding.Qualcomm Ventures and Energy Impact Partners led the Series C raise, with backing from existing investors including Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures and SOSV.With its latest round of funding, Particle has raised $81 million to date.The San Francisco-based startup provides the back-end for its customers to bring Internet of Things devices to market without having to shell out for their own software infrastructure.
The platform aims to be the all-in-one solution for IoT devices, with encryption and security, as well as data autonomy and scalability.That means more traditional businesses can buy a fleet of sensors and other monitoring devices, hook them up to their own machines and use Particle infrastructure for monitoring.That a common theme that Particle sees, according to Zach Supalla, the company chief executive.&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,& he said in remarks.
&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.&Particle said the funding round follows &significant growth& for its enterprise platform, seeing 150% year-over-year growth in revenue.The company currently has 100 staff working to support 85 enterprise clients across agriculture, automotive, smart city and other industries.