Particle, the most widely-used Internet of Things (IoT) platform in the world, announced yesterday it has raised $40 million in Series C funding led by Qualcomm Ventures LLC and Energy Impact Partners. This round also includes prior existing investors Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures, and SOSV. This brings Particle’s total venture capital funding to $81.3 million to date.
The funding round follows significant growth in demand for Particle’s enterprise IoT platform. The company has experienced 150 percent year-over-year revenue growth, driven largely by fast-growing customers successfully bringing their Particle-powered IoT products to market. Particle says customers are gathering more than 22 billion sensor data points a year.
Particle offers an end-to-end IoT platform that provides software, hardware, and connectivity as an integrated solution. This enables a wide variety of companies, ranging from traditional manufacturers to start-ups, to bring an IoT product to market quickly without building their own software infrastructure.
With offices in San Francisco, Shenzhen, Las Vegas, Minneapolis, and Boston, Particle boasts the largest developer community in the IoT industry. Nearly 200,000 developers and engineers in more than 170 countries build with Particle.
“Over the last seven years we’ve seen a wide range of businesses embrace IoT, especially those driving innovation in traditional industries,” said Zach Supalla, CEO of Particle. “More and more of our customers are in old-fashioned, even unglamorous, businesses like stormwater management, industrial equipment, shipping, or monitoring any number of compressors, pumps, and valves. These businesses are diverse, but the common thread is that they need to monitor and control mission-critical machines.”
“Creating a bridge from the physical to the digital world is far more complex than most people realize,” said Carlos Kokron, Vice President of Qualcomm Technologies Inc, and Managing Director, Americas, Qualcomm Ventures. “From the device itself to the network to cloud connectivity and software functionality, there are a lot of moving parts and complexities. Particle’s full-stack platform for IoT technology development accounts for all of these vital elements in a secure and flexible environment. We have been very impressed with Particle’s technology and market traction.”
For EIP, investing in Particle is investing in sustainable energy and environmental protection. “As we move toward a decarbonized future, Particle’s full-stack IoT platform will play a foundational role in reducing the barriers to innovation for startups and incumbents across the entire energy value chain,” said EIP Partner Sameer Reddy. EIP is an investment firm focused on the conversion of the energy industry towards a decarbonized and digitized future.