Copenhagen-based IoT infrastructure and connectivity company Onomondo has raised more than €100 million in a combined investment. The deal is led by Aspirity Partners, which has signed an agreement to acquire a majority stake in the company.
Denmark’s sovereign investment fund EIFO, which has backed Onomondo since 2021, will also increase its investment alongside Aspirity Partners.
Founded in Copenhagen, Onomondo provides technology that helps businesses connect and manage IoT devices around the world. Its platform is designed to make it easier for companies to connect devices across different networks and locations.
Onomondo compares its role in connectivity to what AWS did for cloud computing. Its technology removes much of the complexity involved in managing networks, allowing companies to focus on using data from their connected devices.
The company’s technology is also designed to support physical AI, where devices can make decisions and process information closer to where the data is created. Onomondo provides the connectivity needed to keep these devices connected wherever they operate.
Onomondo has access to nearly 700 mobile networks worldwide. This gives businesses more control and flexibility when connecting and managing their devices across different countries.
Its infrastructure covers devices, radio access networks, and cloud systems. The company also uses patented Cloud Connectors and its own technology stack to manage these connections.
Onomondo offers technologies such as SoftSIM and supports both public and private networks. This allows connected devices to switch between private networks and public networks around the world.
The company’s technology helps businesses collect and use real-time data from locations where traditional connectivity can be difficult, including ships, trucks, factories, and remote industrial sites.
According to Henrik Aagaard, CTO and co-founder of Onomondo, for decades, technological progress was limited by our ability to process huge amounts of data. “AI has changed that. The next challenge is creating the right data and getting it to the right place. That is an infrastructure problem, and it is the problem we have spent eight years solving. Our network gives customers a consistent way to connect devices, create data and build intelligence into the physical world.”
The new investment will help Onomondo expand into more markets and improve its products. It will also help the company explore new business opportunities as the global IoT market continues to grow.
