Ayla Networks, an enterprise Internet of Things (IoT) platforms that accelerate digital transformation for consumer brands and Internet service providers (ISPs), today announced that it has secured a $20 million investment to expand its digital twin offering that allows vendors to optimise their IoT devices.
The company has raised a new round of financing led by Arrowroot Capital with participation from existing investors.
With this investment, Ayla will look to further its strategic positioning in key IoT markets through incremental sales and marketing, product innovation, and geographic expansion.
Ayla Networks powers many leading consumer brands’ IoT initiatives including SharkNinja, Owlet, Canadian Tire, Kenmore, Hunter Fan, Fujitsu, Schneider Electric, and is deployed in some of the world’s largest Internet Service Providers.
The IoT software and services market opportunity is enormous, with an estimated TAM in excess of $100B globally. The consumer brands segment of this market includes manufacturers of home appliances and consumer electronics (the “smart home”). New high-growth use cases have also emerged in the ISP market leveraging machine learning on-device data to drive transformational outcomes in consumer experience improvement and operating expense reduction.
“Our business has grown significantly over the past few years, and this timely investment will help us further extend our reach and build out our products. The demand for connected products, and the rate of change in the connected home, is increasing and we want to continue to be best positioned to help the OEMs and ISPs fulfill that demand. Having the support of an experienced partner like Arrowroot Capital will be a multiplier as we grow and scale the business,” said Jonathan Cobb, Ayla Networks’ CEO.