South Africa’s IoT Startup Sensor Networks Secures USD 1 Mn
South Africa based IoT platform Sensor Networks has secured another round of funding with UDS 1.03 Mn. This round of financing was led by 4DiCapital, Sanari Capital and Asisa ESD.
4Di Capital has backed Sensor Networks in the past, having been involved in a funding round last year estimated to be below the USD 794 K mark. Launched in 2015, this 3-year-old startup began operations with a mission to track lost items. Since then, the company has evolved into a platform that reduces the risk associated with insurance by integrating insurance models with IoT sensors.
As is the case with all insurance models, predicting and assessing future risk is what places most insurance providers ahead of the pack. CEO & Founder of Sensor Networks Mark Allewell believes that predictive analytics and risk assessments are a value proposition that distinguishes the start-up and make it an attractive prospect for investors.
Allewell expressed his excitement on having Sanari Capital, ASISA ESD and 4Di Capital as investors at this stage and reckoned the access to the valuable insights and networks these investors would get. He wants to the startup to be a prominent African IoT insurance platform. He also said that the product has been well received by users and has established through its sensors, a direct cost saving for customers.
4Di capital added the company in its ‘Exponential Fund Portfolio’, where it also hosts other key startups like Aerobotics, Zoona and LifeQ. Edge Growth which manages ASISA ESD, was also instrumental in leading the Vumela funding in SA’s Giraffe recently. Joining the list of investors this year, Sanari Capital appreciates the track record Sensor Networks has carved for itself and sees the vision for the IoT platforms scalability.
