Roambee, the Internet of Things (IoT) supply chain and enterprise asset visibility company, raised $4.1m in Series B funding, led by $3.1m from Deutsche Telekom Strategic Investments (DTSI) with participation of other Silicon Valley investors. Roambee will use the funds to grow global sales, marketing, and IoT technology innovation.
DTSI is the strategic investment division of Deutsche Telekom and one of the largest corporate venture funds in the technology, media, and telecom (TMT) industry. The group has made over 200 investments and manages a current portfolio of around 70 companies, including several unicorns.
Roambee’s IoT solutions will address a broad portfolio of enterprise challenges — not only for supply chain and in-field asset monitoring — but anywhere lack of real-time visibility creates inefficiencies and risk. The company boasts patented hardware and software technology combined with an array of sensor data, proprietary analytics, predictive reporting, and open application program interface (APIs).
For companies striving to be a digital enterprise, it is critical that innovation and experimentation move at a fast-pace, and that they stay responsive to customer needs and marketplace trends. With its investment in Roambee, DTSI demonstrates its commitment to the convergence of communications networks, sensor devices and business analytics.
Randeep Wilkhu, Investment Director at DTSI, said, “Through our in-depth evaluation process including market research, customer feedback from global customers and the successful partnership with T-Systems, it became very clear that Roambee has developed superior technology capable of serving multiple industries. We are confident this investment is only going to accelerate the momentum that Roambee has in world markets.
“Roambee has a very seasoned and accomplished team led by an experienced CEO. I am impressed by how much Roambee has achieved with very little capital. Roambee’s addressable market is growing very rapidly; monitoring goods and assets is an enormous opportunity and Roambee has the potential to become the most valuable company in this space.”
Sanjay Sharma, Roambee CEO and founder, added, “DTSI has a strong history of success and high bar for choosing their investments,” says. “We are delighted to be a part of their portfolio.”