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HTGF and VersoVentures invest in Cumulocity

| February 6, 2013

 

Cumulocity

Open, application centric, free to try: The mission of Cumulocity is to make mobile machine-to-machine applications profitable for all businesses through ready-made, cloud subscription services. Finnish VersoVentures fund and HTGF invest in the experienced management team and support the spin off of NSN. NSN continues to support the M2M activities of this newly founded, dedicated company and remains strategic partner of Cumulocity.

It all began in Mountain View, Silicon Valley, CA in 2010. At this time Nokia Siemens Networks started to innovate software solutions based on cloud technology for the M2M (Machine to Machine) market. An experienced team of senior managers and engineers created award winning software products, which were named Cumulocity. Cumulocity stands for fast cloud solutions: Cumulocity – a compound word of ‘Cumulus’ (“Cloud”) and ‘Velocity’.

Cumulocity today is a software company dedicated to simplifying the internet of things. Devices that are equipped with sim cards like vending machines or telematic units can be managed with Cumulocity software solutions – on a global scale.

Cumulocity launched the products VendMe, Telematics and Conduct. Cumulocity VendMe is a cloud-based M2M solution that connects vending machines and provides real-time sales and stock level data in a central management, reporting and planning application. Conduct is a cloud-based M2M application platform. Developers can integrate their M2M devices into Cumulocity Conduct and get great functionalities out-of-the-box.

The company is based in Dusseldorf (Germany), with engineering facilities in Germany, Poland and Portugal.

“The M2M market is a fast growing business with great potential,” said Bernd Gross, CEO and one of four founding shareholders. “Cumulocity is already one of the leading M2M platforms for cloud deployments and feedback from existing and potential customers regarding the spin-off has been extremely positive. We are very pleased to continue our successful cooperation with Nokia Siemens Networks and other established partners.”

Anssi Kariola, Managing Partner of VersoVentures adds:”The Nokia Siemens Networks technology heritage is a great foundation for future growth and scalability, and the team has a strong track record of successfully working with multi-national customers. Cumulocity is well placed to compete in the rapidly developing M2M market.”

HTGF is also optimistic about the further development. Investment Manager Benjamin Erhart adds: „We are convinced that the company has significant growth potential due to its know-how and the exciting market environment. We are happy to support this team as it we see a growing M2M-opportunity.”

About Cumulocity GmbH
Cumulocity is the M2M spin off of Nokia Siemens Networks. It focuses on innovate software solutions based on cloud technology for the M2M (Machine to Machine) market. The solutions have set new industry standards and received industry awards for its innovative concepts. Cumulocity stands for fast cloud solutions: Cumulocity – a compound word of ‘Cumulus Cloud’ (“Cloud”) and ‘Velocity’.

 

 

 

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