Weaved, Inc. today announced that it has raised $2.3 million in a seed round of financing. The round was led by Crunchfund (San Francisco) with participation from Metamorphic (New York), Core Ventures Group, TMT Investments, Alpine Meridian Ventures, Double M Partners, HB Rama capital, Ironfire Angel Partners, Maxfield Capital Fund, Haystack Fund, Big Basin Partners and previous angel investors. The company will use these new funds to launch its Internet of things (IoT) products.
'After a long build-up, the Internet of Things is becoming a reality,' said Ryo Koyama, founder and CEO of Weaved. 'However, as more and more devices come online, it will become increasingly obvious that there are some shortcomings to today's traditional networking technologies. Our goal is to change that.'
According to research firm IDC, a recent report predicted that the global IoT market would hit $7.1 trillion by 2020, as people around the world - and particularly in developed nations - develop an affinity for full-time connectivity. But Weaved believes that as this number grows, there will be growing concerns about issues such as security, interoperability, and simplicity - among others.
About Weaved
Weaved (http://www.weaved.com) was founded by serial entrepreneurs with a superior background in TCP/IP networking and cloud services. The company's mission is to develop networking and software technology and services that specifically address the issues that will arise as the Internet of Things becomes a reality. The company's products and services already power products by name brand companies with products available in mass retail.