Onomondo lands over €100M to scale its global IoT network
What's the deal? Copenhagen-based Onomondo has raised more than €100 million in a late-stage round led by pan-European private equity firm Aspirity PartnersDealroom has a profile for this one. Try Dealroom →, which takes a majority stake. EIFO, Denmark's sovereign investment fund and a backer since 2021, increased its investment alongside Aspirity.
What does Onomondo do? It builds an end-to-end infrastructure and connectivity stack for Internet of Things (IoT) devices, with native access to nearly 700 networks worldwide. Its technology spans the device, the radio access network, and the cloud, anchored by patented Cloud Connectors and tools such as SoftSIM.
By the numbers: More than 500 customers across over 100 countries use Onomondo, including MaerskDealroom has a profile for this one. Try Dealroom → and CarlsbergDealroom has a profile for this one. Try Dealroom →. Its hybrid network capability includes what the company believes is the world's largest private LTE network at sea, spanning more than 450 Maersk vessels.
What's the money for? The company will expand its international presence, scale infrastructure deployment, and continue developing its proprietary technology. "We took a fundamentally different path by building the foundational infrastructure layer that was missing," said chief executive officer Rasmus Jensen.
Why now? Onomondo pitches its platform as the plumbing for "physical AI," where decision-making moves onto devices at the edge. "The next challenge is creating the right data and getting it to the right place," said Henrik Aagaard, chief technology officer and co-founder. "That is an infrastructure problem, and it is the problem we have spent eight years solving."
The signal: The round ranks as the largest among 53 late-stage IoT deals in Denmark over the trailing 48 months, and it marks Aspirity's first investment in the Nordic region as it executes a pan-European strategy. That vote of confidence signals appetite for the infrastructure layer beneath a market betting on billions of connected, increasingly intelligent devices.
Read more: oresundstartups.com
Image credit: Onomondo
