Industrial Internet of Things (IIoT) startup iMatrix Systems secured $2 Million funding

iMatrix Systems, a Lake Tahoe-based Industrial Internet of Things (IIoT) solutions provider, has now secured $2 million in the initial funding round.

iMatrix Systems was founded by Greg Phillips. It is advancing a SaaS iMatrix Cloud IoT solution, which includes a portfolio of wireless sensors. Initial offerings include the cold chain solutions for humidity, temperature, leak detection, Hydroponic Farming, and door open/close alerts for the emerging Industrial Internet of Things (IIoT) and Internet of Things (IoT) markets.

Greg Phillips, the founder of iMatrix Systems, said, "IoT and IIoT devices power our global economy with billions in revenue today and expect to reach $1.6 trillion by 2025. Currently, we're nearing 30 billion IoT devices in use, with as many as 60 billion or higher by the close of 2025. These devices can do everything from monitoring ambient conditions, creating a home or corporate security system, remotely controlling our cars, and much more. And we believe the iMatrix suite of offerings is an ideal fit for the highest growth markets of this decade. We have spent the last two years building a team of amazing engineers building a massively scalable cloud sensor collection and tracking system. The well hierarchically structured and clean User Interface design provides the mobile and Web-based user with concise monitoring, configuration, including a sophisticated multi-layer notification system for alarm conditions."

The announcemnet did not list the names of people or institutions contributing to the funding. 

The IoT startup noted that they spent more than two years to build scalable cloud sensor collection and tracking system.

The Industrial IoT startup, as of now, plans to use the these funds to launch its SaaS iMatrix Cloud IoT solution, which includes a portfolio of wireless sensors, notes the announcement.