IoT.nxt secures R100m funding
IoT.nxt secures R100m funding
The UK and European markets offer very exciting opportunities for the IoT.nxt Internet of Things solution. Those markets are certainly a little further with regards to adoption but South Africa is rapidly catching up, and in some instances ahead of global companies. We have very forward thinking business leadership in South Africa and they understand the key role the technology will play in unlocking business value.
This is the word from IoT.nxt CEO, Nico Steyn, after speaking, exhibiting and attending IOT Tech Expo in London recently. IoT.nxt was the only South African company at the event and Steyn with Deloitte Digital’s Gareth Rees the only South African based business who addressed the connected industry sessions at the event.
“We are using the momentum that we have built up in South Africa with industrial applications that we are implementing in various sectors like the mining, ports, and health care industries, facilities management, automotive retail, smart buildings and food processing. Our traction in South Africa serves as a great launchpad to do the same in Europe,” Steyn says.
“It was an exciting opportunity at probably the pre-eminent IoT conference with over 5000 attendees and hundreds of exhibitors. We were truly privileged to be able to rub shoulders with the leading lights in the IoT industry and some very exciting potential clients. We certainly got to experience the hype and excitement that exists in Europe and the UK around the potential impact of IoT on the global economy,” he added.
According to Steyn, in terms of IoT frameworks that were on show, our solution is in many facets world leading.
IoT.nxt was invited to attend the Expo by a leading UK SI, Bell Integration as they see IoT.nxt’s technology as having huge application potential in the European market. “After attending the IoT World conference in Barcelona last year October we made a decision that we had to expand our solution offering into Europe and with a longer term view of a global strategy.”
We have opened a European office – London based – and are speaking to many potential partners that will facilitate our European expansion. These are certainly exciting times for us and exciting to see a truly South African developed solution compete on the international stage.
Steyn says that history shows that successful international expansion strategies are well funded, have good partners and have a committed management team behind them. IoT.nxt has secured a further R100m from its dedicated investor and funding partner Talent Holdings. “We are grateful for the confidence Talent have shown with this latest round of funding and believe this will cause another shift in our growth. We will apply these funds further step up innovation and at the same time extend the productization of the platform into specifically target market sectors ” Steyn says.
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