Miami & Cologne, Germany — IoT software platform provider 1NCE has raised $60 million USD in fresh funding, marking its largest funding round to date. The company has now secured a total of $160 million USD since its founding in 2017.
The funding will be used to:
- Expand 1NCE’s SaaS product portfolio with a next-generation platform
- Add AI capabilities to support enterprise IoT applications
- Continue global expansion, especially in the United States, APAC, and LATAM
- Scale its team and infrastructure across 30+ countries
1NCE serves over 24,000 customers managing 30 million connected devices across 170+ countries. Its integrated platform simplifies IoT deployment by combining connectivity and software, enabling faster, more reliable data collection.
The company’s backers include major players such as Deutsche Telekom, SoftBank Corp., Kensington Capital Partners, and iSquared Capital.
“The U.S. is our fastest-growing market,” said Ivo Rook, Co-CEO of 1NCE. “This funding helps us double down on our SaaS roadmap and cement our leadership in cloud-powered IoT.”
1NCE plans to use part of the new capital to enhance its AI-powered features within the 1NCE OS software, anticipating the growing convergence between IoT data and AI systems across industries.
The company was recently recognized as the “Best Innovation in the Internet of Things” at the 2024 SaaS Awards and continues to build leadership with new C-suite hires and advisory board members.