Verdane has led a $21 million growth equity investment in Danish IoT network Onomondo.
The round also included participation from existing investors Maersk Growth, People Ventures and The Danish Growth Fund.
The new funding will be used to scale Onomondo’s team and internationalise by accelerating growth in Europe. The company is aiming to triple Annual Recurring Revenue (ARR) in 2022 and 2023.
Devices connected to Onomondo contain an interoperable SIM card, meaning assets can seamlessly move across national borders without the inherent complexity of roaming. Data is transferred directly across the Onomondo virtual network to one of the firm’s cloud partners (Microsoft Azure, AWS, Google Cloud and more), so enterprises can easily understand what is going on between devices and the network, through to the core network, and on to the IoT cloud from a single interface.
