Israeli IoT Malfunction Prevention Startup Veego Raises $5M
Israeli startup Veego, a developer of AI-based tech that helps eliminate malfunctions in the connected home, announced on Tuesday that it has come out of stealth mode and completed a seed round of $5 million with the participation of Robert Bosch Venture Capital, the venture company of the Bosch Group, State of Mind Ventures, and North First Ventures.
The Ramat Gan-based company detects, analyzes, and repairs connected-home devices and system problems automatically, stopping malfunctions in smart homes before customers notice them and preventing them from happening again. Its AI tech deploys on smart hubs, routers, and IoT devices.
“We welcome our newest strategic partner, RBVC, who, along with our original investors, SOMV and N1V, endow us with the financial and strategic backing and trust to create a major disruption in the support of the complex IoT ecosystem in millions of connectedhomes,” said Veego CEO Amir Kotler.
Veego plans to launch its groundbreaking tech with Internet Service Providers and smart hub manufacturers this summer, a statement from the company said. It is also developing new technologies that will be embedded in smart devices.
“We are proud to be the first seed investor in Veego’s very promising technology and products,” said Pinhas Buchris, a general partner of State of Mind Ventures. “We expect the company to quickly conquer markets in North America and Europe.”
“We can easily understand the desire of RBVC to join us in this venture,”
Ronen Smooha, co-founder and managing partner of N1V said. “The power of these three investors will surely allow Veego to achieve its product and marketing goals over the next 12 months and position the company for success.”