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Swedish IoT provider raises $3 million for IoT expansion and innovation

Fast-growing Swedish Internet of Things (IoT), cloud and platform system provider H&D Wireless, has raised $3 million to fund continued expansion and the launch of a new IoT cloud platform system.
Swedish IoT provider raises $3 million for IoT expansion and innovation

The funds were raised from a network of European private individuals with an option of an additional $4 million investment. The new IoT system will allow cashless payments and location tracking services within a large number of applications.

H&D Wireless AB was founded in Stockholm Sweden in 2009 and is one of Sweden’s fastest growing and most decorated high tech start-ups. The company has to date shipped more than 1,000,000 wifi units for smarthome and wireless multimedia solutions across the globe. H&D Wireless has won several prestigious awards, including the Red Herring Global 100 Award and several Swedish high tech and mobile awards.

The capital injection will support the company’s imminent launch of a B2B-system for cashless payments and location tracking to visualise and optimise customer business processes. The new positioning and cashless payment system, Griffin Enterprise Positioning and Payments System, GEPPS, is based on the company’s flagship Griffin IoT cloud platform, an end-to-end system solution containing world class wireless modules, cloud services and smart phone applications for smarthomes. With the GEPPS system, the company enters the fast-growing market for RTLS (Real Time Localisation Services), within enterprises for assets, supply chain and people.

“We are very happy to raise this new capital from experienced investors who understand our business and see the huge market potential” said Pär Bergsten, founder and CEO of H&D Wireless. “We now have fuel for our continued global expansion and especially the launch of our new GEPPS real time location and cashless payment system. We are excited to be operating in the most exciting Internet technology field today, wirelessly connecting customer products with cloud services and mobile apps.”

The Internet of Things (IoT) is expected to advance the connectivity of devices, systems and services, encouraging the automation of nearly everything while enabling advanced and energy efficient applications such as smart grids, expanding to other areas such as smart cities.

Image: An IoT workshop. Image by WeMake Milano, Flickr

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H&D Wireless

Tags: Europe , Fuel , Grid , Smart grid
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