AI-powered IoT firm 1NCE secures $60M for US expansion

German IoT connectivity provider 1NCE has secured $60 million in new funding to enhance its AI capabilities and expand its presence in the rapidly growing US IoT market. This latest round, the company’s largest to date, brings its total funding to $160 million since 2017 and positions the company to capitalize on increasing enterprise demand for integrated IoT connectivity and management solutions powered by artificial intelligence.

The big picture: 1NCE is strengthening its position in the IoT ecosystem by enhancing its SaaS platform with AI capabilities while doubling down on the US market.

• The company plans to launch new products and features, with specific focus on AI tools for customers already utilizing its 1NCE OS software for AI projects.
• With backing from major telecommunications players Deutsche Telekom and SoftBank, 1NCE combines cellular IoT roaming, SaaS offerings, and AI technologies to simplify IoT device management.

Key stats: 1NCE has built a substantial global footprint since its founding in 2018.

• The company serves approximately 24,000 customers and manages around 30 million IoT devices across 170 countries.
• 1NCE employs staff in 30 countries and maintains physical offices in 11 countries.
• The company claims an industry-leading endpoint availability of 99.97 percent for its services.

Why this matters: The US has become 1NCE’s largest and fastest-growing market, prompting the company to expand its American workforce to capitalize on this momentum.

• Co-CEO Ivo Rook emphasized the company’s focus on quality and consistency in service delivery, particularly highlighting their near-perfect endpoint availability as a competitive advantage.

Behind the numbers: The new funding comes from a diverse group of investors including Deutsche Telekom, iSquared Capital, Kensington Capital Partners, SoftBank, Vicenda Group, and founder Alexander Sator.

• This international investor mix across five countries reflects broad confidence in 1NCE’s business model and growth strategy in the competitive IoT connectivity market.