Spun out of ETH Zurich, the logistics technology developer has secured $35.2m from DiaMedCare to roll out its upgraded supply chain-monitoring sensors.
Nexxiot, a Switzerland-based supply-chain sensor spinout of ETH Zurich, has received CHF35m ($35.2m) in funding from investment firm DiaMedCare.
Founded in 2015, Nexxiot provides internet-of-things technology that enables logistics providers to improve the efficiency of their operations through tools such as fleet management and freight monitoring.
The company provides smart sensors known as Globehopper units that are attached to objects in the supply chain such as railway cars and tank containers to record data covering movement and shock, feeding that information back to the Nexxiot software platform.
The funding was disclosed alongside Nexxiot’s rebranding from its old moniker, Nexiot. Proceeds from the round will be used to produce an upgraded version of the units that have been authorised for use in hazardous working environments, and which have larger solar panels and a bigger battery life.
Nexxiot received $14.7m in series B-1 funding from insurance provider Die Mobiliar Versicherungen and SVC, a venture capital vehicle for financial services firm Credit Suisse, in January 2019. It has not disclosed details of any previous rounds, though it said Die Mobiliar was an existing investor prior to the series B.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
