The investment will be used to expand deployment of eleven-x smart city and campus solutions.
AC grad eleven-x, a global leader providing complete turnkey low power IoT solutions, announced their first institutional funding round to drive further expansion of its business. The financing round was led by the Canadian venture capital arm of Crédit Mutuel Equity (formerly CIC Capital Ventures). A US-based strategic investor and leading IoT technology provider also participated in this financing round, along with several other investors.
Recognized globally as wireless connectivity and hardware subject matter experts, eleven-x provide complete, wireless IoT solutions that deliver value and are fully scalable for mass deployment. The solutions are LoRaWAN®-based, and are easy-to-use, cost-efficient, and deliver real ROI by enabling cities, campuses and commercial enterprises to leverage wireless, real-time data for making faster, evidence-based decisions. LoRaWAN enables the use of inexpensive battery-powered devices that run virtually maintenance-free for over 10 years.
“It’s very exciting to have Crédit Mutuel Equity join our investor group at this key time for our company,” said Dan Mathers, President and CEO of eleven-x. “Crédit Mutuel Equity has a successful track record of supporting high-growth tech companies, including early entrants in the LoRaWAN space so this is strong validation for eleven-x and our business strategy.”
“The market need and customer desire to deploy and integrate wireless IoT solutions is clear, as witnessed by the incredible growth rates projected in the IoT space. eleven-x has already developed key customer relationships and deployments and is committed to delivering solutions and services that generate real value by surpassing ROI expectations,” noted Raghu Bharat, Principal at Crédit Mutuel Equity.
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