Axeda Corporation, a Foxboro, MA-based provider of cloud service and software for managing connected products and implementing innovative machine-to-machine (M2M) and Internet of Things solutions, closed $12m in growth funding.
The company intends to use the funds to expand sales and business development in Asia-Pacific.
Led by newly appointed President and Chief Executive Officer Todd DeSisto (who already served as CFO and COO, Axeda provides a cloud-based service and software for managing connected products and machines and implementing innovative M2M and Internet of Things solutions.
Customers use the Axeda Machine Cloud™ to turn machine data into useful information, build and run innovative M2M applications and optimize business processes by integrating machine data.
The M2M solutions behind these connected products range from remote service, fleet management, usage-based insurance, asset tracking, mHealth.