California based data Information Company MODE which collects data from the physical world in order to help the businesses, has announced that they have bagged $3 million in Series A funding. The investment round was led by True Ventures, a VC firm based out of Silicon Valley which backs early-stage startups.
Post this round, the total investment raised by the firm now stands at $5 million which includes the marquee investors like Kleiner Perkins, Compound.vc and Fujitsu. True Ventures’ partner Om Malik will be joining MODE’s board group as part of the investment. The company plans to invest the fresh capital in expanding their team and connect more sensors on their cloud.
Started in 2014 by Ethan Kan and Gaku Ueda, the platform provides scalable data from the physical world through their sensor gateway solution offering. It collects the sensor data from vehicles, cell phones, appliances, medical equipment, and other machines and then provides the data and then it helps the businesses by moving the hoard of data to the cloud. The company says that it is aiming to work with solar, medical and manufacturing industries.
Gaku Ueda, the CEO, and co-founder of the platform says that in order to implement automation, data collection is the first step towards that goal. "Data collection from the physical world is the first step in implementing automation, big data analytics, and artificial intelligence. We focus on data collection because we want to address common infrastructure challenges and let customers spend their time utilizing data for their businesses,” said Udea.
Ueda comes with a vast experience as he has worked with the likes of Google and Twitter in the past while Kan the other co-founder worked as an engineer with Yahoo and 50Cubes. Malik, the partner at True Ventures commenting on the investment said, "Sensors are and will increasingly become a source of data and data-derived intelligence that will help improve and automate many industrial processes. MODE has developed software technologies to harness this power and transform the industrial world,” said Malik.
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