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Johannesburg - Local Internet of Things (IoT) solutions company IoT.nxt has raised R100m for global expansion into the industry.
CEO Nico Steyn told Fin24 during an exclusive interview that the company is looking to expand into UK and European markets.
“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,” Steyn said.
“We have very forward thinking business leadership in South Africa and they understand the key role the technology will play in unlocking business value,” he added.
IoT.nxt specialises in the development of software and hardware around IoT, which connect devices across numerous industries.
Steyn told Fin24 that IoT.nxt works with companies in several sectors including mining, ports, and health care industries, facilities management, automotive retail, smart buildings and food processing.
READ: SA ‘internet of things’ startup eyes global expansion
“Our software and hardware can connect any device and ingest data through various sensor points. The software we produce is a gateway connecting to sensors, the data attained from the IoT ecosystems is sent to a cloud platform translating and the data is able to be better visualized,” Steyn told Fin24.
“Our traction in South Africa serves as a great launch pad to do the same in Europe,” Steyn added.
While IoT is still a fairly new industry, Steyn said the mining industry, for example, benefits from the company's technology by connecting various pieces of equipment and vehicles used at a mine to ascertain data that could increase productivity.
IoT.nxt has secured a further R100m from its dedicated investor and funding partner Talent Holdings, after an initial investment.
IoT.nxt was invited to exhibit at the IoT Tech Expo Global in London in January this year as having huge application potential in the European market.
“After attending the IoT World conference in Barcelona last year October, we made a decision that we had to expand our solution offering into Europe and with a longer term view of a global strategy,” Steyn said.
The company has opened a European office in London and is speaking to many potential partners that will facilitate its European expansion.
IoT.nxt was launched in October 2015. Steyn said that since then, the workforce has quadrupled and with the new investment, the company is looking to double.
“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,” Steyn said.
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