South African-based Internet of Things (IoT) firm IoT.nxt, which recently spreads its wings to the UK, has secured R100 million to pursue global expansion.
The Pretoria-based IoT company 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,” IoT.nxt CEO, Nico Steyn, said on Friday.
“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.”
The IoT firm has opened a European office in London and is speaking to many potential partners that will facilitate its European expansion.
“These are certainly exciting times for us and exciting to see a truly South African developed solution compete on the international stage,” said Steyn.
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.
“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 said.
He added that history shows that successful international expansion strategies are well funded, have good partners and have a committed management team behind them.