IoT infrastructure company Buddy Platform obtains A$23M in new funding
Nov 07 2017
Buddy Platform, a cloud-based engine providing IoT data management, processing and control platform raised an A$23M funding round. New and existing Australian domestic and Asian institutional investors participated in the round.
The company, listed on ASX (Australian Securities Exchange) announced that it will use the funding proceeds for international expansion, including a potential global distribution deal with a major telecom partner for 100+ new markets for Buddy Ohm. Other details of the funding include the issuance of BUD shares. “115,000,000 shares to be issued at A$0.20 per share, representing a 10.9% discount to the 10-day VWAP of A$0.2244 per share”, reads the company’s press release.
Buddy’s three core offerings are the Buddy Cloud, Parse on Buddy, and Buddy Ohm. It is for the latter’s channel sales strategy that Buddy will be using these funds. Along with channel sales development, it will also invest in R&D efforts to stay competitive.
The company launched its Buddy Ohm product in March this year. Ohm uses IoT devices to optimize and reduce energy and other utility bills in commercial buildings. Lady Gaga’s investment firm AF Square and Microsoft invested in Ohm.
+ Buddy Platform is also finalizing negotiations with Telstra Corporation to make Telstra Buddy Ohm’s primary sales channel in Australia.
+ Buddy Platform is heavily investing in building telco companies as channel partners. It is also in negotiations with T-Mobile. Buddy Ohm’s devices will use the T-Mobile data plan.
+ Once data from disparate internet-connected devices and sensors is sent to the Buddy Cloud, it can then be sent to multiple M2M systems or Hadoop. Splunk, Salesforce, Microsoft Dynamics, ZenDesk and Tableau.
Fitbit for buildings firm Buddy Platform raises $23m -another great SA co leading in energy https://t.co/qs7bd3i0Fi— Jay Weatherill (@JayWeatherill) October 31, 2017