Level2 Ventures and Satus Starter VC invested PLN 6.5 million in a dynamically developing start-up CTHINGS.CO
CTHINGS.CO, a Polish-Austrian start-up specializing in creating innovative 5G solutions, IoT sensor networks, and Digital Twin cloud applications has acquired six and a half million zlotys to finance further development. According to the agreement signed on December 21, 2021, the lead investor, Level2 Ventures, invested four and a half million zlotys, and Satus Starter VC, as part of the follow-on, two million. The acquired capital CTHINGS.CO will use to expand on foreign markets, including project development in Scandinavia and Western Europe, product development, implementation of a marketing and sales strategy, and team expansion.
CTHINGS.CO specializes in building 5G, IoT, edge computing solutions, including Industry 4.0 and geographically dispersed structures. He cooperates with global cellular operators and cloud infrastructure providers. The company's portfolio includes 5G IoT Gateway - a device for collecting and simultaneous local processing of large portions of data, CLASP - intelligent mesh tissue - sensors for monitoring the security and position of moving objects and the 5G Suite of Solutions system, enabling data collection from distributed IoT sensor networks in real-time and their effective management. The system also allows you to analyze, visualize and report the collected data.
- The advantage of CTHINGS.CO is the ability to build unique, intelligent platforms that use the capabilities of the new 5G network. We decided to invest in an experienced and committed team with strong engineering and business competencies. The company's solutions are already working in several Scandinavian countries and Poland. Currently, the company is facing the challenge of development in other European Union markets. We believe that through the strategic and business support offered by Level2 Ventures, the experience of Managing Partners in building international organizations, and effective cooperation with Satus Starter VC, we will significantly accelerate this development - says Adam Rudowski, General Partner Level2 Ventures.
In the stage preceding the financing round closed on December 21, the company successfully completed pilot implementations of its solutions for Nordic Infrastructure Design and Spin Robotics and acquired several clients for commercial implementations, including companies: Valmont and Va Syd.
- CTHINGS.CO is one of the fastest-growing companies in our portfolio. We are glad that its potential has also been appreciated by Level2 Ventures. Together we can provide the company with funds to support its further growth. Within a year of our initial investment, the company was able to add new products to its portfolio, expand its team three times and build a sales funnel for the next two years with an expected value of several dozen million pln. Joining the group of investors by Level2 Ventures and the support offered to the company by Adam Rudowski, the founder of Veracomp SA, give CTHINGS.CO a chance to become one of the most important players on the 5G market - explains the Partner of the Satus Starter Fund, Łukasz Wąsikiewicz.
- This year was a time of intensive development for CTHINGS.CO both in terms of our product portfolio and the expansion of the team, as well as acquiring the first customers. Cooperation with Spin Robotic and Nordic Infrastructure Design has already brought interest in other Scandinavian companies. We have successfully completed a commercial implementation for Valmont, which resulted in new contracts for heavy industry. Our technological solutions and innovative approach to the Internet of Things in industry and cities have been noticed and appreciated by the leaders of the IoT industry. We received an invitation to present our solutions at the IoT TALKS conference in Stockholm, attended by companies capable of using the latest technologies to solve today's challenges, and at the same time launching a scalable business with great potential. The perspective of two years of intensive work is ahead of us. We have very positive feedback from our customers and partners. Investor support will allow us to focus on the further development of our products and the implementation of the marketing and sales strategy - comments Arnold Wierzejski, CEO of CTHINGS.CO.
IoT is one of the elements of digital transformation. For several years, there has been a noticeable increase in the global market for the use of IoT Gateway devices. Historically estimated in 2017-2020, this market grew at a rate of 30.9% annually. In terms of volume, it is expected that by 2023 this market will consist of approximately 17.2 billion devices. The market value of solutions based on 5G technology in 2020 was USD 53 billion, in 2026 it is forecasted to reach almost USD 250 billion. The integration of connectivity in an increasing number of devices is one of the main drivers of the rapid adoption of IoT solutions in the global economy.