SAN FRANCISCO, CA, Leading early stage technology company focused on connecting the Internet of Things (IoT), announced today it has secured $2 million in funding.
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Neura (http://www.theneura.com), a leading early stage technology company focused on connecting the Internet of Things (IoT), announced today it has secured $2 million in funding, led by venture capital firm Greenhouse Capital Partners, alongside SingTel Innov8 Ventures, Pitango Venture Capital, TriplePoint Ventures, and prominent angel investors, including Ben Narasin and Isaac Applbaum. Neura is a graduate of Silicon Valley based accelerator UpWest Labs.
The funds will be used to further fuel the development of Neura's groundbreaking technology, which enables connected devices to offer a responsive and personal user experience by understanding an individual's patterns and behaviors. Additionally, Neura acts as a connective tissue that bridges devices, locations, people and the web, allowing devices to communicate with one another.
According to Gartner, Inc., the Internet of Things installed base will grow to 26 billion units by 2020. In the era of connectivity and interoperability, Neura aims to create key solutions that help devices communicate, correlate data, and intuitively adapt to individuals' needs.
'Currently, devices available within the marketplace don't correspond to their owners or to one another, with zero contextual understanding and adaptive learning abilities,' said Gilad Meiri, CEO of Neura. 'This funding will allow our team to finally develop the solution in which devices are empowered with intelligence and cooperate to understand the human element behind behavioral patterns.'
'Neura represents one of the most exciting opportunities we have seen,' said Peter D. Henig, Managing Partner with Greenhouse Capital Partners, and board member of Neura. 'The combination of a wide open market within IoT, exceptional technology created by a sophisticated team of experienced entrepreneurs and engineers, and the opportunity to apply connectivity, big data, and intelligence all within one ecosystem clearly represents the future of connected devices.'
The creation of Neura's technology comes at a time when the IoT industry is proliferating exponentially. GSM Association, which oversees mobile phone standards, predicts that machine-to-machine connections will grow from 195 million connections to 250 million - or 22% - by the end of 2014. By 2025, the total global worth of IoT technology is estimated to be as much as $6.2 trillion, primarily from devices in the healthcare ($2.5 trillion) and manufacturing ($2.3 trillion) spaces, according to The McKinsey Institute.
'The world has just begun to experience the vast potential IoT will deliver. Areas such as safety, healthcare, and security, will be enormously disrupted by IoT-fueled solutions,' said Eitan Bek, General Partner at Pitango Venture Capital. 'The Neura team has developed a robust platform that has proven significant potential, and we are pleased to help accelerate their company's success.'
Neura creates intuitive and intelligent experiences between people and their connected environments. The company enables devices with context awareness and adaptive learning capabilities required for today's developing physical Internet. Neura changes the way we manage our home environment, wellness and healthcare graduating IoT from being purely connected to truly smart.