SA’s IoT.nxt raises $7.7m for global expansion
By Tom Jackson on
South African Internet of Things startup IoT.nxt has secured a further ZAR100 million (US$7.7 million) from funding partner Talent Holdings to expand globally.
Disrupt Africa reported in December the one-year-old company was expanding internationally for the first time, announcing it would open an office in London early in 2017. Further expansion is now underway after IoT.next secured extra funding totalling US$7.7 million.
“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 productisation of the platform into specifically target market sectors,” said chief executive officer (CEO) Nico Steyn.
He said the UK and European markets offered exciting opportunities for the IoT.nxt Internet of Things solution, though South Africa is rapidly catching up and the company would continue to take its home market seriously.
“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 healthcare 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,” said Steyn.
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