azeti Networks AG, a global provider of remote asset management software serving the IoT market, announced today that they have closed a $4 million dollar round of funding led by Wim Elfrink, a global IoT leader who recently held the position of Executive Vice President, Emerging Solutions and Chief Globalization Officer at Cisco Systems. Additionally, Mr. Elfrink will chair the azeti Industry Advisory Board. To date azeti has raised more than $21 million dollars in private equity funding, propelling the business forward as the de-facto standard for 'IoT Intelligence at the Edge' embedded on market-leading IoT gateways.
Mr. Elfrink's investment substantiates azeti's position in the IoT remote asset management software market. azeti has an OEM agreement with Cisco as an embedded gateway solution with Cisco's asset management product line. Quickly becoming the standard in the market, azeti is certified on Dell's IoT gateway platform, is in partnership with SAP for its data-driven intelligence IoT platform, and is available on Intel's IoT platform through Intel's marketplace.
"I've followed azeti closely since its participation with Cisco's IoE Open Lab Center in Berlin. azeti has assembled a first-class team of technology and business leaders all focused on making the world we live in -- and the businesses that serve it -- more efficient and capable by applying intelligence to device and sensor data at the edge," said Mr. Elfrink. "azeti is the market leader for intelligence at the edge and I look forward to chairing the azeti advisory board."
Wim Elfrink is the Founder and President of WPE Ventures Digitized Solutions, a security and digitization solutions business that leverages the Internet of Things (IoT) technology to drive transformational business outcomes. Elfrink is an investor, advisor, and consultant in early-stage, emerging, and emerging growth companies that enable the digitization of society. He actively manages a portfolio of companies via board participation, strategic marketing, governance, and capital structure.
Elfrink founded WPE Ventures in September 2015, after retiring from Cisco following 18 years of service. As Cisco's Executive Vice President of Industry Solutions and Chief Globalization Officer, he was responsible for the Industry Solutions Group, the Emerging Countries initiatives, and the company's globalization strategy. He also led the company-wide efforts for the Internet of Things (IoT). Elfrink was an Executive Officer of the company and a member of Cisco's Operating Committee.
Mr. Elfrink established Innovation of Everything Centers globally, where new ideas are brought together to solve business challenges. azeti's remote asset management software was incubated at the Berlin IoE center and was the center's first solution to be brought to market.
"Mr. Elfrink is a highly respected and influential figure in the IoT industry," said Thorsten Schaefer, Chief Executive Officer of azeti Networks. "We appreciate Mr. Elfrink's investment in azeti and are very pleased to welcome him as the chairman of the azeti IoT advisory board."
Read full press release here.