Paris, 24/10/19 – IoTerop, a young startup from Montpellier already leader in the development of technologies for the security and management of connected devices, has just raised €1.5 million in a first round of funding with Breega, Irdi-Soridec and Frédéric Salles. IoTerop’s goal? Enhance its offer and accelerate its international growth.
Founded in Montpellier at the end of 2016 by three former Intel employees; Hatem Oueslati, Jacques Bourhis and David Navarro, IoTerop develops innovative IoT technologies that enable manufacturers to build a new generation of secure, interoperable and remotely manageable solutions for connected devices.
Already one of the world leaders in OMA Lightweight M2M technology, IoTerop built a commercial-grade software development kit (SDK) based on the Lightweight Machine to Machine (LwM2M), IPSO and CoAP standards with a low memory footprint designed to manage, secure and control connected objects. This software solution, called IOWA, allows manufacturers to perform “over-the-air” updates of their devices, recover data in constrained environments, ensure interoperability and secure communications through cryptography and authentication features.
IoTerop meets the needs of companies and operators in all fields, from smart cities to logistics, transport and industry 4.0. Thanks to its IOWA and its IOWA PAAS platform, IoTerop is able to supply companies looking to deploy their connected objects on a large scale, with a secure end-to-end device management solution. Its cutting-edge technology has won over several major accounts in the connected industry, including Traxens, Itron, EDF, Ericsson, Matooma, Akka Technologies and Kerlink.
As regards its international expansion, IoTerop has already won over the world leader in Smart Meters based in the United States and has just signed a partnership agreement with ACCESS Systems in Japan that will enable it to accelerate sales in Southeast Asia.
The startup has received numerous awards for its technology, including the IoT Solutions World Congress Industrial Award, which it won alongside Intel, Nokia and Huawei. The IoTerop team is composed mainly of experts in embedded systems and telecommunications who are very committed to quality and the promotion of best practices in their sector. As a member of the Open Mobile Alliance SpecWorks, IoTerop actively participate in the development of IoT standards.
This first €1.5 million raise will enable IoTerop to further develop its technology, accelerate its expansion and increase its international sales, particularly in the United States and Japan, where IoT is experiencing very strong growth.
“Thanks to this raise, we will be able to expand our technology footprint, strengthen our teams, increase sales and meet a growing demand for interoperability, security and remote management from manufacturers and operators in the fast-growing field of the Internet of Things”. – Hatem Oueslati, President of IoTerop.
“In a short time, IoTerop has become a key player in the management of connected devices. Its innovative standardized solutions allow manufacturers not only to better control and manage the connected devices they deploy, but also to protect their data from the risks of hacking. There are few players in the sector today who are able to offer solutions that are so effective, versatile and easy-to-adopt. Breega is looking forward to working with IoTerop and supporting them in their conquest of international markets “. – Maximilien Bacot, Founding partner, Breega
“We are very happy to support IoTerop’s dynamic team in its international development. The technologies developed by the company are perfectly adapted to meeting the challenges of the IoT in the coming years, particularly as concerns security issues and remote reprogramming of objects. The founders have an international experience and reputation in their sector and we were convinced by their vision. We are confident that IoTerop will develop rapidly and become a leader in device management”. -Julien Sainte-Catherine, IRDI SORIDEC
“Managing and updating connected devices in order to diagnose and configure them is one of the major challenges that manufacturers will face in the coming years. Tools such as Teamviewer that exist in the PC world are not as yet deployed in the world of connected objects. IoTerop has understood this and developed their technology accordingly”. – Frédéric Salles, CEO, Matooma.
Software solution provider for security, interoperability and remote management of connected objects in the world of the Internet of Things. IoTerop is a member of the Open Mobile Alliance, actively participates in the definition of IoT standards and is today one of the world leaders in OMA Lightweight M2M technology. IoTerop provides breakthrough solutions that enable Internet of Things manufacturers to build a new generation of secure, interoperable and remotely manageable solutions and connected objects.
Breega is a founder-friendly VC investing in promising high-tech European start-ups at Seed /Series A stage. Breega is much more than just an normal investor. Created by founders for founders, it supports the startups in its portfolio at each stage of their development offering them free operational expertise (HR, biz dev, marketing and legal) as well as international development opportunities. Breega is an investor in Exotec Solutions (robotics), Ibanfirst (fintech), uDelv (autonomous vehicle), FoodChéri (foodtech), Curve (fintech) and Fretlink (marketplace).
About IRDI SORIDEC:
Based in Toulouse, Montpellier and Bordeaux, Irdi Soridec Gestion has been in companies located in South-West France at all stages of their development (capital risk and buyout capital) investing for over 35 years. It manages more than €300 million through several funds, including the Irdinov 2 fund, through which it has invested in IoTerop.
For more information: https://www.irdisoridec.fr/