South African Internet of Things (IoT) solutions company IoT.nxt has raised R100m to fund their expansion plans- this according to a report in Fin24.
CEO of IoT.nxt, Nico Steyn, in an interview with Fin24 announced that the company is looking to expand into UK and European markets. Steyn said that those markets are generally more developed in terms of adoption of IoT compared to South Africa. He did however add that “South Africa is rapidly catching up, and in some instances ahead of global companies.”
Steyn was keen to emphasises the importance of the South African market saying that “We have very forward thinking business leadership in South Africa and they understand the key role the technology will play in unlocking business value.”
IoT.nxt specialises in the development of software and hardware around IoT, which connects devices across numerous industries which include mining, ports, and health care industries, facilities management, automotive retail, smart buildings and food processing.
IoT.nxt provides software and hardware which can connect any device and consume data through several sensor points.
In order to facilitate it’s international expansion, the company secured funding from funding partner Talent Holdings, and has opened an office in London.
Since the launch of IoT.nxt in October 2015, the company according to Steyn has quadrupled in workforce and with the new investment, the company is looking to grow further.
“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 to further step up innovation and at the same time extend the productisation of the platform to specifically target market sectors,” Steyn concluded in his interview with Fin24.