Total investment of $5M boosts product development and market presence in rapidly growing market of autonomous support for routers, smart hubs, gateways and edge devices in smart homes
May 3, 2019 (Ramat Gan, Israel) – Israeli startup, Veego, the developer of breakthrough artificial intelligence technology for eliminating malfunctions in the connected home, has completed its Seed Funding with the addition of Robert Bosch Venture Capital GmbH (RBVC), the venture arm of the Bosch Group. RBVC joins State of Mind Ventures (SOMV) and North First Ventures (N1V) to enable Veego to deliver innovative products to the rapidly growing connected-home industry.
“We welcome our newest strategic partner, RBVC, who, along with our original investors, SOMV and N1V, endow us with the financial and strategic backing and trust to create a major disruption in the support of the complex IoT ecosystem in millions of connected homes,” stated Veego CEO, Amir Kotler.
RBVC Managing Director, Dr. Ingo Ramesohl, said, “We see the market for IoT support in the connected home growing considerably over the next several years. Veego is producing innovative AI technology that can be a game-changer for customer service and IoT device manufacturers.”
Veego puts an end to malfunctions in smart homes. Its breakthrough AI technology deploys on smart hubs, routers and IoT devices, automatically detecting, analyzing and repairing connected-home device and system problems before customers even notice them.
“We are proud to be the first seed investor in Veego’s very promising technology and products,” said Pinhas Buchris, General Partner of SOMV. “We expect the company to quickly conquer markets in North America and Europe.”
Ronen Smooha, Co-Founder and Managing Partner of N1V affirmed, “We can easily understand the desire of RBVC to join us in this venture. The power of these three investors will surely allow Veego to achieve its product and marketing goals over the next 12 months and position the company for success.”
Additional information is available at: www.somv.com