Yoics, Inc., a Palo Alto, CA-based cloud service provider for the Internet of Things (IoT), has closed a $1M angel funding.
The investment, which was done as a convertible note, in anticipation of a larger financing targeted for early 2013, was led by CrunchFund, with participation from Core Ventures and Passport Capital as well as existing investors Frank Marshall and the initial investor group of Postini.
In conjunction with the financing, Patrick Gallagher of CrunchFund will be joining Yoics’ board of directors.
The company intends to use the capital to grow their network hosting capability and both enhance and develop software applications.
Led by Ryo Koyama, co-founder and CEO, Yoics (an acronym for Your Own Internet Controlled Stuff) provides a set of cloud services that allow devices to be registered and then connected and controlled across the Internet. In addition, these solutions offer a communications mechanism for devices to communicate with one another, or to other services or messaging platforms. The company also provides a set of mobile applications that are re-branded for their partner companies, which enable a solution for electronic device makers.