Internet of Things company Neura Ltd., a graduate of the Silicon Valley incubator for Israeli companies UpWest Labs, has raised $2 million. Greenhouse Capital Partners led the round, and was joined by Pitango Venture Capital, SingTel Innov8 Ventures, TriplePoint Ventures, and private investors, including Ben Narasin and Isaac Applbaum.
Neura will use the proceeds to develop its technology, which enables connected devices to offer a responsive and personal user experience by understanding an individual’s patterns and behaviors. Neura also acts as a connective tissue that bridges devices, locations, people and the web, allowing devices to communicate with one another.
Neura cites a study by Gartner Inc., which says that the Internet of Things installed base will grow to 26 billion units by 2020. It also quotes GSM Association as predicting 22% growth in machine-to-machine connections will grow from 195 million connections to 250 million by the end of 2014, and a prediction by The McKinsey Institute that the global value of Internet of Things technology at $6.2 trillion by 2025.
“Currently, devices available within the marketplace don’t correspond to their owners or to one another, with zero contextual understanding and adaptive learning abilities,” said Neura CEO Gilad Meiri. “This funding will allow our team to finally develop the solution in which devices are empowered with intelligence and cooperate to understand the human element behind behavioral patterns.”
“The world has just begun to experience the vast potential Internet of Things will deliver. Areas such as safety, healthcare, and security, will be enormously disrupted by Internet of Things-fueled solutions,” said Pitango general partner Eitan Bek. “The Neura team has developed a robust platform that has proven significant potential."
Published by Globes [online], Israel business news - www.globes-online.com - on April 8, 2014
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