Monogoto raises $11M funding for cellular IoT connectivity platform, targeting developers and enterprises globally

USA - English

• USA - English

TEL AVIV, Israel, June 9, 2021 /PRNewswire-PRWeb/ -- \Monogoto, the secure, global cloud-based cellular network, closed $11M in funding led by Team8, with participation from Telefonica Tech Ventures and Singtel Innov8, as well as Alter Venture Partners, Triventures and Planven Entrepreneur Ventures.

Monogoto provides global, internet of things (IoT) and machine-to-machine (M2M) connectivity using powerful APIs that enable enterprises and developers to design, build, manage, control and scale their IoT applications quickly and securely. Enterprises use the Monogoto 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.

The funding will be used to expand Monogoto's 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.

The company has already seen tremendous success with 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. 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 cloud revolution and communications (voice calls/ SMS) revolution demonstrated that infrastructure accessible via APIs can be extensively leveraged to innovate products, optimize solutions and offer new business models. A similar revolution is happening in connectivity," said Itamar Kunik, Monogoto co-founder and CEO.

"To realize the full benefits of this revolution and drive new product and business model innovation, enterprises need much more than high-quality connectivity - they need to be able to control every aspect of that connectivity in order to enable new use cases, such as battery-optimized sensors, changing quality-of-services on demand, bridging the gap between public and private cellular networks, embedding cybersecurity from the infrastructure, and much more. Capabilities that our customers are already implementing using our APIs," Kunik added.

"Enterprises and developers are hungry for a cloud-native experience that leverages the power of cellular connectivity, using APIs that are centrally managed, self-served and completely secure," says Liran Grinberg, Team8 co-founder and managing partner. "With full inspection of network traffic and secure computing capability at the edge, all accessible via APIs, Monogoto is able to provide advanced visibility and security controls out-of-the-box, while integrating with the enterprise's security controls. Team8 is proud to be backing one of the strongest and most secure connectivity platforms in the world, in 5G specifically and cellular generally."

In addition to enabling global, secure, high-quality and flexible IoT connectivity today, Monogoto is also preparing for the projected 5G network revolution. As the first-ever, cloud-native single cloud for public and private cellular networks, Monogoto is uniquely positioned to help enterprises and developers create, monitor, manage and maintain connected systems for transformative 5G and CBRS applications, while enabling modern architectures such as Zero Trust and SASE for cellular IoT and connectivity.

"We are proud to welcome Monogoto to the Telefónica Tech Ventures family as they are one of the most promising Israeli and global startups within the IoT ecosystem and the first in the IoT field to join our portfolio of invested companies," says Guenia Gawendo, director of Telefónica Tech Ventures.

About Monogoto
Monogoto is a cloud-based cellular network. Its API-driven Infrastructure-as-a-Service was designed from the ground up with simplicity in mind to enable cellular connectivity with existing enterprise IT infrastructure. With hundreds of ready-to-use APIs, Monogoto offers cellular connectivity with edge to the cloud security for IoT, Private LTE, and 5G use cases. Its services include full audit for all network events with anomaly detection and alerts automation. Monogoto's enterprise-friendly solution enables customers to consume advanced cellular VAS with zero CAPEX and an "as-a-Service" business model.

The Monogoto network is distributed globally with public connectivity in 180 countries. Helping companies to comply with regulation, the Monogoto solution supports on-premise local breakout topology for private LTE/5G networks.

About Team8 Capital
Team8 Capital is the investment arm of Team8 Group, focused on early-stage companies seeking seed and Series A and B funding rounds. We have a track record in backing future leaders and pioneering new-generation solutions to meet critical industry challenges. Team8 Capital offers a unique combination of deep domain expertise and decades of company-building and investing experience and is ready to provide our portfolio companies with a springboard to success.

About Team8
Team8 is a venture group that builds and backs technology companies at the intersection of artificial intelligence, cybersecurity, data, fintech, enterprise software, and infrastructure. We rethink venture to provide entrepreneurs with an unfair advantage, accelerating success in an increasingly competitive landscape. Our deep understanding of the challenges faced by our industry and extensive network of global leaders uniquely positions us as the venture partner of choice. Team8's leadership team includes unicorn founders, bank and fintech CEOs, and former leaders of Unit 8200, Israel's elite military technology and intelligence agency. For further information, please visit http://www.team8.vc

About Alter Venture Partners
Alter Venture Partners is an early-stage venture capital fund that partners with dynamic entrepreneurs who are passionate about solving challenging problems with innovative technology. Alter was founded by experienced operating executives and investment professionals from Telefonica, Comcast Ventures, Singtel Innov8, and Credit Suisse. In addition to capital, Alter provides strategic insights, industry knowledge, operating experience, and an extensive global network of contacts to its portfolio companies. The fund's focus areas include networking, mobility, cloud, data, ML/AI, and cyber security. Alter has offices in San Francisco and Lisbon. Additional information on the fund can be found at http://www.altervp.com.

About Triventures
Triventures (http://www.triventures.vc) is an early-stage venture capital fund that focuses on data-driven healthcare solutions and opportunities that land on the intersection of health and other verticals. With offices in Israel and the Silicon Valley, the fund has a global network of top-tier strategic partners. Among them is Sheba Medical Center, one of the world's top 10 hospitals with which the fund has a unique venture capital collaboration, Triventures ARC, enabling its portfolio to leverage Sheba's 25 years of patient data as well as vast clinical and research assets. Triventures' strategic investors include some of the world's leading health systems and companies, finance groups, consumer electronics enterprises, insurance companies, and telecommunication groups, including Medtronic, Philips, Boston Scientific, Abiomed, Intermountain Healthcare, Cardinal Health, Johnson and Johnson, Samsung and Nikon.

About Planven Entrepreneur Ventures
Planven Entrepreneur Ventures is a venture capital fund with an innovative focus on combining established industries in Europe with cutting edge growth stage technology companies. We invest in companies that market B2B software products & services in the field of Artificial Intelligence, Big Data, Cybersecurity and Health Tech. We're investing out of our second fund in revenue generating companies in Europe, Israel and the US.

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SOURCE Monogoto