Able Device, a Raleigh-based startup focusing on wireless technology to securely control Internet of Things devices, has raised $300,000 from investors.
The funding comes less than a month after announcing deals with two major providers of wireless network firms to incorporate Able Device technology. One partner, KORE, is described as “the world’s largest managed network services provider specializing in Internet of Things (IoT) and Machine to Machine (M2M) markets.” The other, EMnify, is a Germany-based global cellular IoT and M2M connectivity platform.
The Startup Factory was among its early backers in 2012.
Able Device launched in 2010 and received its first patent in 2012.
The latest funded, which was disclosed in a securities filing, came from six investors.
Able Device CEO and co-founder Roger Dewey signed the securities filing. The company says it doesn’t expect the funding to last for more than a year.
Dewey and co-founder Leigh Ann Ryals are aiming to capitalize on the fast-growing Internet of Things marketplace. Citing security concerns about such devices being hacked, Able Device says its technology can be embedded in SIM (subscriber identity modules) for managing devices securely. Its top product is called SIMbae.
“The expansion of the Internet of Things (IoT) is a huge growth opportunity for vertical industries and Mobile Network Operators (MNO / MVNOs), but there are challenges and risks,” the company explains.
“Often enterprises and MNO / MVNOs can’t determine if a machine is not reporting in due to application or communications issues. The recent hacking of a Jeep while it was driving on a public road illustrates the risks to all IoT devices and segments. On the network side, millions of autonomous machines trying to access the mobile network at the same time can cause catastrophic network outages.
“SIMbae by Able Device overcomes these challenges and risks by providing SIM based tools for managing IoT applications and device communications.”
- VIDEO: Watch a video overview about the company at https://www.youtube.com/watch?v=hhK2Or_h0y0
