Today, Monogoto, innovator, and developer of a secure, global cloud-based cellular network platform, announced they have closed a round including venture capital and strategic investment.
The $11M in funding was led by Team8, with participation from Telefonica Tech Ventures and Singtel Innov8, as well as Alter Venture Partners, Triventures, and Planven Entrepreneur Ventures.
The company’s comprehensive connectivity solution supports edge implementations including IoT, Industrial IoT (IIoT), Industry 4.0, including manufacturing and cyber-physical infrastructure, and spans vertical industries including precision agriculture, energy, automotive, M2M, telematics, transportation, and healthcare.
Monogoto offers enterprises and developers an advanced platform, including APIs that “enable enterprises and developers to design, build, manage, control and scale their IoT applications quickly and securely,” according to the company’s statement.
Categorizing themselves as Cloud-based Infrastructure-as-a-Service (IaaS) with APIs that work for both public and private cellular networks, including 5G and CBRS, Monogoto is tapping into high-growth markets, already enabling their customers to create, monitor, manage and maintain connected systems for transformational 5G and CBRS applications while enabling modern architectures such as Zero Trust Network Architecture (ZTNA) and Secure Access Service Edge (SASE).
Enterprises use the Monogoto platform to connect and control cellular-based sensors and devices, including retail Point of Sale systems, Automatic Teller Machines, wearables, and other connected medical devices, smart lights, automotive fleets, and more, with cybersecurity features built-in, along with productivity tools for efficient back-office activities, including procurement and IT management.
The funding will be used to expand Monogoto’s presence in the U.S. with a headquarters in San Francisco and to grow its product sales and bolster brand awareness and market penetration. It will also be used to enrich the platform with more APIs, documentation, and developer tools while extending its global points of presence. The company is also contributing to the acceleration of 5G networking digital infrastructure.
The company has already signed more than 100 customers worldwide in various scaling stages, accessing the platform to drive IoT growth and innovation, including Sodaq, Connected You, Origin GPS, and Tvilight.
“The cloud revolution and communications (voice calls/ SMS) revolution demonstrated that infrastructure accessible via APIs can be extensively leveraged to innovate products, optimize solutions and offer new business models. A similar revolution is happening in connectivity,” said Itamar Kunik, Monogoto co-founder and CEO.
“To realize the full benefits of this revolution and drive new product and business model innovation, enterprises need much more than high-quality connectivity - they need to be able to control every aspect of that connectivity to enable new use cases, such as battery-optimized sensors, changing quality-of-services on demand, bridging the gap between public and private cellular networks, embedding cybersecurity from the infrastructure, and much more. Capabilities that our customers are already implementing using our APIs,” Kunik added.
“Enterprises and developers are hungry for a cloud-native experience that leverages the power of cellular connectivity, using APIs that are centrally managed, self-served, and completely secure,” says Liran Grinberg, Team8 co-founder, and managing partner. “With full inspection of network traffic and secure computing capability at the edge, all accessible via APIs, Monogoto is able to provide advanced visibility and security controls out-of-the-box while integrating with the enterprise’s security controls. Team8 is proud to be backing one of the strongest and most secure connectivity platforms in the world, in 5G specifically and cellular generally.”
In addition to enabling global, secure, high-quality, and flexible IoT connectivity today, Monogoto is also preparing for the projected 5G network revolution. As the first-ever, cloud-native single cloud for public and private cellular networks, Monogoto is uniquely positioned to help enterprises and developers create, monitor, manage and maintain connected systems for transformative 5G and CBRS applications while enabling modern architectures such as Zero Trust and SASE for cellular IoT and connectivity.
“We are proud to welcome Monogoto to the Telefónica Tech Ventures family as they are one of the most promising Israeli and global startups within the IoT ecosystem and the first in the IoT field to join our portfolio of invested companies,” says Guenia Gawendo, director of Telefónica Tech Ventures.
With hundreds of ready-to-use APIs, Monogoto offers cellular connectivity with edge to the cloud security for IoT, Private LTE, and 5G use cases. Its services include full audit for all network events with anomaly detection and alerts automation. Monogoto’s enterprise-driven solution enables customers to consume advanced cellular VAS with zero CAPEX and an “as-a-Service” business model.
The Monogoto network is distributed globally with public connectivity in 180 countries. Helping companies to comply with regulation, the Monogoto solution supports on-premise local breakout topology for private LTE/5G networks.
Team8 Capital is the investment arm of Team8 Group, focused on early-stage companies seeking seed and Series A and B funding rounds. They have a track record in backing future leaders and pioneering new-generation solutions to meet critical industry challenges Team8 Capital domain expertise and decades of company-building and investing experience.
Team8 is a venture group that builds and backs technology companies at the intersection of artificial intelligence, cybersecurity, data, fintech, enterprise software, and infrastructure whose leadership team includes unicorn founders, bank and fintech CEOs, and former leaders of Unit 8200, Israel’s elite military technology and intelligence agency.
Alter Venture Partners was founded by experienced operating executives and investment professionals from Telefonica, Comcast Ventures, Singtel Innov8, and Credit Suisse. In addition to capital, Alter provides strategic insights, industry knowledge, operating experience, and an extensive global network of contacts to its portfolio companies. The fund’s focus areas include networking, mobility, cloud, data, ML/AI, and cybersecurity.
Triventures is an early-stage venture capital fund that focuses on data-driven healthcare solutions and opportunities that land on the intersection of health and other verticals. With offices in Israel and Silicon Valley, the fund has a global network of top-tier strategic partners. Among them is Sheba Medical Center, one of the world’s top 10 hospitals with which the fund has a unique venture capital collaboration, Triventures ARC, enabling its portfolio to leverage Sheba’s 25 years of patient data as well as vast clinical and research assets. In addition, Triventures’ strategic investors include some of the world’s leading health systems and companies, finance groups, consumer electronics enterprises, insurance companies, and telecommunication groups, including Medtronic, Philips, Boston Scientific, Abiomed, Intermountain Healthcare, Cardinal Health, Johnson and Johnson, Samsung and Nikon.
Planven Entrepreneur Ventures is a venture capital fund with an innovative focus on combining established industries in Europe with cutting-edge growth stage technology companies. They invest in companies that market B2B software products & services in the field of Artificial Intelligence, Big Data, Cybersecurity, and Health Tech and investing out of their second fund in revenue-generating companies in Europe, Israel, and the US.
Arti Loftus is an experienced Information Technology specialist with a demonstrated history of working in the research, writing, and editing industry with many published articles under her belt.
Edited by Luke Bellos