Expeto Raises $4M in Series A Funding

USA - English

• USA - English

VICTORIA, British Columbia, Sept. 14, 2018 /PRNewswire-PRWeb/ -- Expeto Wireless Inc., a platform provider that enables enterprise to manage global IoT deployments over 4G/LTE networks while maintaining their corporate security protocols, today announced it has raised $3.9 million in a Series A funding round led by Lavrock Ventures, with participation from existing investors Evok Innovations and Mistral Venture Partners. The company will use the investment to expand current industry engagements with natural resource companies in North America, Europe, and Australia. Additionally, the investment will further develop global partnerships with Tier 1 cellular providers.

In today's marketplace, connected devices outnumber the worker by a ratio of 10:1. Despite the increasing rate of connected device deployments, these assets are still largely controlled and managed in siloes. Expeto enables enterprises to quickly and efficiently deploy connected devices (e.g., tablets, digital sensors, connected vehicles) globally over 4G/LTE within the security of their own private network. Essentially, corporate data packets that are transmitted externally via cellular networks are wrapped in an enterprise's existing security framework.

"Connected IOT devices have moved beyond commonplace and are now increasingly mission-critical, and companies desire maximum control and visibility into their throughput and location. Anywhere in the world, the enterprise can now deploy these assets behind their firewall and utilize existing security tools to manage them," said Ryley MacKenzie, CEO and co-founder at Expeto. "In effect, anywhere there's LTE can now be considered part of the enterprise intranet."

Used by Fortune 500 oil and gas, mining and utility companies, Expeto's innovation gives enterprises the network agility they need to respond to their ever-changing business requirements. Moreover, Expeto clients can now deploy connected devices properly within their existing security frameworks and not rely on 3rd party or untrusted security methodologies.

"Expeto's technology is a game-changer for enterprises, plain and simple," said Daniel Hanks, General Partner of Lavrock Ventures. "As their businesses become more complex, their employees are traveling globally, and they are relying on a near-logarithmic increase of data from the multitude of sensors, tablets, readers, etc. that transmit constantly. It's not an unreasonable ask on their part to have visibility into and management of that data while it resides outside of their proverbial 'four walls,' rather than operating blindly at the mercy of carriers. From offshore oil rigs to the Australian outback and everywhere in between, Expeto's customers are taking back control of their data."

For more information on Expeto please visit http://www.expeto.io.

About Expeto
Based in Victoria, BC, and San Francisco, CA, Expeto is a venture-backed company that removes the friction associated with enterprise-level digital transformation by providing customers with their own private, agile, and scalable cellular (4G/LTE) networks – deployable like WiFi – globally. Expeto's functionality enables enterprises to interconnect both public and private IoT deployments through a single pane of glass that is easy to configure and cost-effective to deploy.

SOURCE Expeto