Neul Ltd., a leader in Internet of Things (IoT) network technology using the Weightless™ wireless standard, today announced it had closed an initial $5M tranche of a new Series B round of equity funding.
This funding will enable Neul to further develop its ‘Network as a Service’ (NaaS) for network operators to enable them to deliver IoT services starting in 2014 and to cost-optimize the endpoints and basestation devices over which it is delivered. In doing so, Neul will enable operators to deliver a simple, secure and economic network to support a vast range of end-applications.
Stan Boland, Neul’s CEO commented:
“Much is promised from the Internet of Things but the missing piece has been a simple low-cost WAN connectivity solution that can finally link future endpoints to applications in the cloud.”
“Many of the possible applications are today forced into using Wi-Fi, GPRS, mesh or 3G connectivity. For multiple different reasons, none of these is ideal and most of the world’s IoT potential remains unrealised. Fortunately, as an industry, we’re no longer discussing why a new wide-area network solution is required to address the Internet of Things but how and when this can be delivered. Weightless™ is the answer and you’ll see what we mean as 2014 progresses.”
Neul expects to add further limited participation to its Series B funding in the next few months and also announced its move to new premises at Vision Park in Cambridge with expansion space for increased staff.