Israel-based Internet of Things (IoT) startup Axonize locked in an investment from Deutsche Telekom to complete its Series A funding round. The IoT company secured a total of $6 million in the round, which was led by Israeli venture capital firm Meron Capital. Existing investors StageOne Ventures and Cornerstone Venture Partners also contributed.
This brings the company’s total funding to $7.8 million, following its $1.8 million seed round led by StageOne Ventures.
Axonize was founded in 2015 and developed an IoT orchestration platform built on Microsoft Azure infrastructure. The platform automates IoT deployment, making it faster for enterprises to create IoT services. Enterprises can customize pre-built IoT applications for their specific needs rather than developing an application from the ground up.
The Axonize platform allows its customers to create multiple applications across multiple industries with simple configuration. It utilizes a number of Azure services such as Azure IoT Hub, HDInsight, and virtual machines. Its pre-built application layer also resides on Axonize’s own Microsoft Azure cloud.
The platform is mainly built for IoT service providers as it includes cross-application orchestration and management, leading to quicker application development times. This is what attracted Deutsche Telekom to the startup, as the telecom provider has its own IoT platform ecosystem, which it plans to integrate with the Axonize capabilities.
Additionally, the platform works across any sensor, hardware, protocol, or system from any industry, opening it up to a variety of use cases.
The funding from this round will be invested to further build the platform and grow its sales team.