Internet-of-Things startup Losant closes $5 million in Series A Funding to scale and meet growing demand for its next generation IoT solutions
Cincinnati-based enterprise Internet of Things (IoT) platform startup, Losant, today announced has raised $5.2 million in Series A financing from new and existing investors. The new funding will enable Losant to scale to meet growing demand for its next generation IoT solutions. The current funding round is led by CincyTech with participation from Revolution’s new Rise of the Rest® Seed fund, TechNexus, and Vine Street Ventures. This is its third funding round. The company raised $1.3 million and $4.5 million in 2016 and 2017 respectively. To date, the startup has raised over $10 million in total funding.
Founded in 2015 by Charlie Key and Brandon Cannaday, Losant provides an easy-to-use and powerful developer platform designed to help customers quickly and securely build complex connected solutions. Losant uses open communication standards like REST and MQTT to provide connectivity from one to millions of devices. Losant provides powerful data collection, aggregation, and visualization features to help understand and quantify vast amounts of sensor data. Losant’s drag-and-drop workflow editor allows you to trigger actions, notifications, and machine-to-machine communication without programming.
With digital information transforming every business and industry, Losant helps companies– including Verizon, Bosch, and Hewlett Packard Enterprise– build connected solutions that allow leaders to make decisions based on meaningful, real-time data.
“We’re excited to see our platform power intelligent solutions across a gamut of industries and use-cases. Our customers are pushing new boundaries in industrial equipment monitoring, asset tracking, smart buildings, and more. With endless possibilities, Losant is uniquely positioned to help thousands of companies in their IoT journey,” said Charlie Key, CEO of Losant.
“Connected experiences are going to transform business and personal experiences for all of us in the next decade,” said Mike Venerable, CEO of CincyTech. “Billions, not millions, of connected devices are being deployed across all domains. Losant’s reliable and scalable platform for IoT is being used in an accelerating number of scenarios that represent the connected future.”
The investment is one of the first from Revolution’s Rise of the Rest® Seed fund, a $150-million fund, led by Steve Case and JD Vance, to make early stage investments in startups outside of Silicon Valley. The Rise of the Rest Seed fund is backed by a group of iconic entrepreneurs, executives and investors.
Said JD Vance, Rise of the Rest Seed fund Managing Partner, “Losant’s use of next generation IoT solutions has the potential to change every industry and business and the fact that it’s a promising Ohio-grown startup makes it that much more exciting. We are thrilled to invest in Losant alongside CincyTech, who has been helping entrepreneurs build successful technology companies in southwest Ohio for a decade.”