Telefonica said it has invested an undisclosed sum in Israeli IoT platform Monogoto via its Telefonica Tech Ventures startup investment vehicle. Founded in 2018, Monogoto has developed an IoT connectivity cloud platform under the IaaS model that allows more than 550 mobile networks operators in 180 countries to manage and control a global network of devices.
The Telefonica investment is part of a USD 11 million financing round for the company, led by Team8. Other investors included Singtel Innov8, Alter Venture Partners, Triventures and Planven Entrepreneur Ventures.
Monogoto’s API-based technology enables customers to easily develop and integrate their own connectivity applications, with a special focus on private networks. Monogoto will use the funding to expand its presence in the US with a San Francisco-based office, grow its product sales and boost brand awareness and market penetration as well as to enhance B2D assets with more APIs, documentation and developer tools, extend its global points of presence and expedite and strengthen the network’s 5G infrastructure. The company has more than 100 customers worldwide using the platform to drive IoT growth and innovation.
