IoT device communication security firm Afero has raised $50m in a Series C funding to double its total raised since inception to $100m.
The investment was provided by CrossPoint Capital Partners and Home Depot. Terms of the transaction were not disclosed.
Established in 2014, Afero is focused on securing device connectivity from the manufacturing stage to consumer use. The company’s platform supports all forms of smart home devices and is able to provide secure cloud communication with Afero’s other services.
Afero claims its platform is the fastest and most secure sensor-to-cloud IoT platform. According to the firm, customers report 3x faster time to market, 10x more attach rates and 99% fewer escalations.
Afero co-founder and CEO Joe Britt said, “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.”
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