Afero Raises $50 Million for Its Secure IoT Platform
Afero, a Menlo Park, California-based company focused on securing IoT device communication, has closed a $50 million Series C funding round. To date, the company has raised $100 million in funding.
The new investment came from Crosspoint Capital Partners. Home Depot also participated, but the terms of the transaction were not disclosed.
Founded in 2014, Afero aims to secure device connectivity from the manufacturing process to consumer use, offering a platform that supports all types of smart home devices and provides secure cloud communication with Afero’s services.
The company’s solution, which is offered under the Platform-as-a-Service (PaaS) business model, delivers hardened security, simplifies onboarding, and can also accommodate the needs of organizations looking to deploy complex IoT programs.
“Since 2014, Afero has enabled consumers and enterprises to better protect the devices they use daily, and we’re eager to extend our offerings across new markets such as logistics and healthcare,” Joe Britt, co-founder and CEO of Afero, said.