Internet of Things (IoT) as a Service (“PaaS”) provider Afero secured $50 Million in Series C funding

Afero, a California-based provider of the Internet of Things (IoT) Platform as a Service (“PaaS”) solution that brings secure connectivity to IoT devices, has now secured $50 million in Series C funding round.

Afero was founded by Joe Britt. It offers a software platform that enables secure communication across the devices such as all types of smart home products, which range from light bulbs to fans to connected thermostats.

Dr. Hugh Thompson, a Managing Partner of Crosspoint Capital, said, "We're excited to support Afero at a critical point in the Company's growth given the profound market demand for connected devices. Repurposing and reducing traditional operating systems such as Linux is not a viable path to support the wide range of IoT devices that consumers and businesses want to buy. Afero offers a purpose-built end-to-end platform that allows developers to quickly and elegantly deploy connectivity, cloud-based management and mobile app control with security at the core of their architecture. Crosspoint is thrilled to partner with the Afero team who have decades of proven execution in integrating usability, security and connectivity into a diverse set of devices."

Joe Britt, Co-Founder and CEO of Afero, said, "Since 2014, Afero has enabled consumers and enterprises to better protect the devices they use daily, and we're eager to extend our offerings across new markets such as logistics and healthcare. Crosspoint's expertise will help us seize the massive opportunity in making connected devices safer and easier to use."

The round was led by the Crosspoint Capital Partners with participation from Home Depot.

Post funding, Dr. Hugh Thompson, the Managing Partner of the Crosspoint Capital, will now going to join the Afero’s, Board of Directors team.

The company, will now going to use the new funds to expand operations and its business outreach.