Monogoto, a Tel Aviv, Israel-based global cloud-based cellular network, raised $11M in funding.
The round was led by Team8, with participation from Telefonica Tech Ventures and Singtel Innov8, as well as Alter Venture Partners, Triventures and Planven Entrepreneur Ventures.
Led by Itamar Kunik, CEO, Monogoto provides global, internet of things (IoT) and machine-to-machine (M2M) connectivity using APIs that enable enterprises and developers to design, build, manage, control and scale their IoT applications. Enterprises use the platform to connect and control 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’s complete cellular connectivity solution serves a broad range of IoT use cases, including industry 4.0, smart cities, wearables, agriculture, energy, automotive, telematics, transportation and healthcare. The company serves more than 100 customers worldwide in various scaling stages, accessing the platform to drive IoT growth and innovation, including Sodaq, Connected You, Origin GPS and Tvilight.
The company intends to use the funds to expand its presence in the U.S. with a San Francisco-based office, grow its product sales and bolster brand awareness and market penetration. It will also be used to enrich B2D assets with more APIs, documentation and developer tools; extend its global points of presence (POP); and expedite and strengthen the network’s 5G infrastructure.