Onomondo, a Copenhagen-based cellular network operator, announced that it has secured a $21M growth equity investment led by Verdane with participation from Maersk Growth, People Ventures, and The Danish Growth Fund.
How will the funding be used?
The fund will help the Danish scaleup accelerate growth in Europe with plans to triple Annual Recurring Revenue (ARR) in 2022 & 2023.
The company also plans to scale its team from 50 to 100 by the end of 2022, helping to expand its customer base, including Bosch, Carlsberg, MAN Energy Solutions, and Maersk.
Boosting connectivity within IoT
Founded in 2012 by Henrik Aagaard, and Michael Karlsen, Onomondo is a tech scale-up operating a global network for the Internet of Things (IoT).
The Danish company has built an IoT stack empowering customers with real-time monitoring and debugging, cloud connectors, APIs, webhooks, an easy-to-use management platform, and much more.
The company has integrated more than 700 operators at the Radio Access Network (RAN) level across more than 180 countries and layered its API-based IoT platform on top.
This means users gain granular, real-time insight into the performance of each connected device, allowing them to tap into their global grid and troubleshoot IoT devices from anywhere.
Devices connected to Onomondo contain an interoperable SIM card, meaning assets can seamlessly move across national borders without the inherent complexity of roaming.
Data is transferred directly across the Onomondo virtual network to one of the firm’s cloud partners (Microsoft Azure, AWS, Google Cloud, and more), where so enterprises can easily understand what is going on between devices and the network, through to the core network, and on to the IoT cloud from a single interface.
As the platform includes a connectivity marketplace, enterprises can set priorities based on cost, coverage, and performance, empowering the platform to automatically select the best operator in any given location at any given time.
This prevents operator lock-in by offering the freedom to control precisely which network devices connect to, as well as giving enterprises the flexibility to balance the quality of coverage and cost-optimization, depending on the use case.
Michael Karlsen, Co-Founder & CEO, and Henrik Aagaard, Co-Founder & CTO at Onomondo comments, “It’s interesting how the attention in IoT has traditionally centered around Hardware and Cloud. Connectivity was the commodity added in the end. We see a clear shift now towards the market asking for more from their connectivity solution. This trend will dramatically heighten the success rate of IoT and lower both complexity and barriers to entry. All of this will eventually benefit both people, profit, and the planet. Onomondo and our recent momentum is a clear representation of this shift and we have found Verdane to be the perfect partner to help us deliver fully on this vision and accelerate our growth.”
Verdane is a specialist growth equity investment firm that partners with tech-enabled and sustainable European businesses to help them reach the next stage of international growth.
“Drawing from a deep understanding of traditional network infrastructure, Michael, Henrik and the Onomondo team is bringing a fresh, next-generation approach to the challenges the IoT market continues to face today,” says Pål Malmros, Partner at Verdane.
“We are convinced that Onomondo’s solution has the potential to vastly accelerate the global roll-out of IoT, as well as expand the total set of addressable use cases, and we look forward to partnering with the company to significantly accelerate the business’ expansion and growth internationally, drawing on the Verdane team’s experience from over 45 other software investments,” he concludes.
