Tampere-based startup Wirepas has raised $22 million in a funding round led by Highland Europe, and joined by Amalfi and IQT as well as previous investors ETF Partners, KPN Ventures, Vito Ventures and Vesa Laisi. The startup builds scalable and energy-efficient IoT networks for enterprises, using decentralized mesh technology and algorithms to connect a large number of devices, with the goal of becoming the standard for IoT connectivity. Wirepas plans to use the funding to further expand and develop its IoT technology and solutions on a global scale, with a primary focus on establishing its IoT connectivity solutions as the industry standard.
Wirepas, a company founded in 2010 as a spin-off from the University of Tampere in Finland, addresses the scalability, reliability, and sustainability challenges that have historically hindered the full potential of Massive IoT (Internet of Things) networks. These networks connect vast numbers of devices within a single network, often across large distances, serving enterprises and industries in applications like smart buildings, logistics, smart meters, and agriculture. Traditional solutions have fallen short in delivering on these promises.
Since its establishment, Wirepas has expanded globally, with offices in various countries, including Australia, Germany, Finland, France, India, and the United States. The company has developed partnerships with more than 160 organizations, serving applications like smart tracking, smart building management, smart manufacturing, and smart metering. To date, Wirepas has connected over 7 million devices through its innovative IoT solutions, aimed at addressing the limitations of Massive IoT and driving forward the potential for transformative IoT applications.
Teppo Hemiä, Wirepas CEO said: “The dream of IoT – devices that communicate with each other to automate processes and collect usable data – has had huge appeal for a long time. But until now there has been a disconnect between the limited, centralised IoT solutions of old and what is needed.”
“Wirepas finally makes massive IoT’s promise a reality by bringing a radical and revolutionary approach to unlock its full potential. Wirepas is also key contributor to the new non-cellular 5G standard of ITU-R. Today’s announcement and funding is a testament to our team’s dedication to the project and we are grateful to Highland Europe for recognising this technology as a game-changer.”
Laurence Garrett, Partner at Highland Europe said: “Wirepas isn’t just an incremental improvement over existing technologies – this technology is setting a new standard for what’s possible. By offering a solution that is cost-effective and scalable, Wirepas addresses the two most significant barriers to IoT adoption.”
The funding will be used to further expand Wirepas’ technology and solutions globally, with a focus on becoming the standard in IoT connectivity. In addition to Wirepas’ new investors, and those investors which have returned for this round, the company is also backed by Inventure, Karma and Tesi.
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Originally published on ArcticStartup : Original article