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IoT.nxt secures funding to expand into European markets

Tuesday 14 March 2017 | 16:54 CET | News

South African Internet of Things company IoT.nxt has raised ZAR 100 million to fund its expansion plans, Fin24 reported. CEO of IoT.nxt, Nico Steyn announced that the company is looking to expand into the UK and other European markets, which are generally more developed in terms of IoT adoption than South Africa. He did however add that South Africa is rapidly catching up, and in some instances ahead of global companies.

IoT.nxt specialises in the development of software and hardware to connect IoT devices. In order to facilitate its international expansion, the company secured funding from partner Talent Holdings and has opened an office in London. Since the launch of IoT.nxt in October 2015, the company has quadrupled in workforce and with the new investment, the company is looking to grow further, according to Steyn.

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