Totum Labs Raises $13 Million to Develop IoT Technology
Totum Labs, a satellite Internet of Things (IoT) connectivity company, revealed Monday the completion of a $13 million Series A financing round. Heroic Ventures and Space Capital co-led the investment round with participation from existing investors, including Qualcomm Co-founder Dr. Andrew Viterbi, and new strategic investor Qamcom. The addition of this round brings Totum’s total funding to $15.5 million.
Totum is developing Doppler Multichannel Spread Spectrum (DMSS) technology, aiming to enable low-cost, global, indoor tracking and monitoring of billions of assets. This new round of funding and will help the company accelerate the deployment and commercialization of its Low Power Wide Area (LPWA) sensor to satellite network and connectivity.
“Others that have launched satellites are not on a technical path to scale to billions of connections and they will largely be limited to high value, low-volume endpoints historically associated with satellite connectivity,” said Ted Myers, founder and CEO of Totum Labs. “Only Totum’s DMSS technology can go head-to-head with the cellular industry for LPWA connectivity and provide a robust and cost-effective connectivity experience for a massive number of endpoint connections across a wide variety of industry use cases.”