Israeli IoT connectivity platform Monogoto raises $11m

Monogoto team Photo: PR

The company has developed a secure, global cloud-based cellular network.

Israeli secure, global cloud-based cellular network Monogoto has completed a $11 million financing round led by Team8, with participation from Telefonica Tech Ventures and Singtel Innov8, as well as Alter Venture Partners, Triventures and Planven Entrepreneur Ventures.

Monogoto provides global, internet of things (IoT) and machine-to-machine (M2M) connectivity using powerful APIs that enable enterprises and developers to design, build, manage, control and scale their IoT applications quickly and securely. The company's platform connects and controls cellular-based sensors and devices, such as point of sales, ATMs, wearables, smart lights, fleets of cars and packages, and leverage its APIs to provide enhanced flexibility and capabilities like cybersecurity, procurement and IT management.

Monogoto will use the funding to expand its presence in the US with a San Francisco-based office, grow its product sales and boost brand awareness and market penetration as well as to enhance B2D assets with more APIs, documentation and developer tools; extend its global points of presence and expedite and strengthen the network’s 5G infrastructure.

The company has more than 100 customers worldwide using the platform to drive IoT growth and innovation.

Monogoto cofounder and CEO Itamar Kunik said, "The cloud revolution and communications (voice calls/ SMS) revolution demonstrated that infrastructure accessible via APIs can be extensively leveraged to innovate products, optimize solutions and offer new business models. A similar revolution is happening in connectivity."

He added, "To realize the full benefits of this revolution and drive new product and business model innovation, enterprises need much more than high-quality connectivity - they need to be able to control every aspect of that connectivity in order to enable new use cases, such as battery-optimized sensors, changing quality-of-services on demand, bridging the gap between public and private cellular networks, embedding cybersecurity from the infrastructure, and much more. Capabilities that our customers are already implementing using our APIs."

Team8 cofounder and managing partner Liran Grinberg said, "Enterprises and developers are hungry for a cloud-native experience that leverages the power of cellular connectivity, using APIs that are centrally managed, self-served and completely secure. With full inspection of network traffic and secure computing capability at the edge, all accessible via APIs, Monogoto is able to provide advanced visibility and security controls out-of-the-box, while integrating with the enterprise’s security controls. Team8 is proud to be backing one of the strongest and most secure connectivity platforms in the world, in 5G specifically and cellular generally."

Published by Globes, Israel business news - en.globes.co.il - on June 9, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Monogoto team Photo: PR
Monogoto team Photo: PR
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018