Particle’s secure, scalable IoT platform increased year-over-year revenue by 150 percent and grew multi-million dollar contracts by 300 percent in 2019.
Particle, the most widely-used Internet of Things (IoT) platform in the world, today announced it has raised $40 million in Series C funding led by Qualcomm Ventures LLC and Energy Impact Partners.
This round also includes prior existing investors Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures, and SOSV. This brings Particle’s total venture capital funding to $81.3 million to date.
The funding round follows significant growth in demand for Particle’s enterprise IoT platform. The company has experienced 150 percent year-over-year revenue growth, driven largely by fast-growing customers successfully bringing their Particle-powered IoT products to market.
Particle customers also benefit from the security, reliability and scalability that a full-stack platform provides; customers are gathering more than 22 billion sensor data points a year.
Particle offers an end-to-end IoT platform that provides software, hardware, and connectivity as an integrated solution that ensures their customers’ IoT products are reliable, scalable, and secure. This allows a wide variety of companies ranging from traditional manufacturers to fast-growing start-ups to bring an IoT product to market quickly without building their own software infrastructure.
“Over the last seven years we’ve seen a wide range of business embrace IoT, especially those driving innovation in traditional industries,” said Zach Supalla, CEO of Particle.
“More and more of our customers are in old-fashioned, even unglamorous, businesses like stormwater management, industrial equipment, shipping, or monitoring any number of compressors, pumps, and valves. These businesses are diverse, but the common thread is that they need to monitor and control mission-critical machines, and we see it as our mission to help bring their machines, vehicles, and devices into the 21st century.”
“Creating a bridge from the physical to the digital world is far more complex than most people realize,” said Carlos Kokron, Vice President, Qualcomm Technologies Inc., and Managing Director, Americas,Qualcomm Ventures.
“From the device itself to the network to cloud connectivity and software functionality, there are a lot of moving parts and complexities. Particle’s full-stack platform for IoT technology development accounts for all of these vital elements in a highly secure and flexible environment. We have been very impressed with Particle’s technology and market traction and are excited to continue to support their growth.”
For EIP, investing in Particle is investing in sustainable energy and environmental protection:
“As we move toward a decarbonized future, Particle’s industry-leading full-stack IoT platform will play a foundational role in reducing the barriers to innovation for startups and incumbents across the entire energy value chain,” said EIP Partner Sameer Reddy.
“The impact they’ll have to our industry and partners in driving a cleaner and more resilient future will be exciting to watch.”