The alarm and event handling company Skyresponse has raised SEK 9.2 M through a combination of a fully subscribed share issue as well as growth and convertible loans from Almi Nord and Norrlandsfonden. The additional capital will help drive the company’s continued growth and international expansion in the rapidly growing IoT market.
Skyresponse is in the middle of a strong growth phase, having signed a number of strategic agreements recently and strengthened its organization with new employees. The new funding expands the company’s delivery capacity to ensure successful continued expansion. The fully subscribed share issue was aimed exclusively at existing shareholders. In addition, Norrlandsfonden and Almi Nord contributed growth and convertible loans as additional financing.
“The market for the Internet of Things (IoT) is developing at a record pace; many industries are undergoing a transformation now with increasing numbers of objects and applications becoming connected, driving an impact on both business logic and value chains,” says Thomas Ivarson, Lead Investor and Chairman of Skyresponse. “For the IoT to reach its full potential, focus needs to shift from technology towards creating user benefit by acting and reacting to the information that is generated. Skyresponse’s products are ideal for all types of IoT applications in this transition, enabling linkup of time-critical services that act on different types of digital alarms and events. I see a great potential in the company’s development, and it therefore feels natural to invest in its continued expansion.”
Strong development for critical alarm management in IoT
In just over a year, Skyresponse has grown from managing around 6,500 alarms per month to today handling around 400,000 IoT alarms per month and Skyresponse now has more than 200 companies and organizations that use the company’s services. The technology in Skyresponse’s globally available cloud-based system is vital for the next generation of IoT solutions now that focus on user benefit is increasing and there is a pressing need for having guaranteed, rapid action taken on alarms or event notifications.
“A crucial component to our service is how alarms and event notifications are managed,” says Martin Reidevall, CEO of Skyresponse. “In many industries, critical alarm and event management processes still require guaranteed human management even with increased automation. So, we see human action as an incredibly important part of the design of future IoT systems.”
Using open APIs, Skyresponse is improving collaboration with leading industry players and enabling development of new service packages together with its partners’ products.