Internet of Things specialist, Davra Networks, has announced that following a new funding round involving three Irish institutional venture capital funds, the company will create 20 new jobs by the end of 2016.
Backed by AIB Seed Capital Fund (managed by Dublin BIC), Delta Partners and Investec Ventures, the Internet of Things (IoT) application enablement company raised €1.5 million in a second round of fundraising. It follows an initial round in 2013 worth €1.3 million, also supported by AIB Seed Capital Fund and Delta Partners. The latest investment will be used to bolster Davra’s R&D operations through the creation of 15 Irish-based jobs in key areas including front end development and tech support.
A further five jobs will be created overseas, as Davra Networks extends its global reach. The Irish-owned company plans to set up operations in a number of strategic locations including Germany, Dubai, South America and Australia. It already has a presence in Silicon Valley and London. The new openings will bring the company’s employee number to 26, up from just six a year ago.
Established in 2011, Davra Networks has already made considerable waves internationally, partnering with US tech giant Cisco to offer Internet of Things solutions on a range of projects. The company recently signed a $100,000 (€88,000) deal with City of San Diego to manage the city’s tram network. The software connects to, and interacts with, all San Diego Trolley electronic services—including the network’s GPS system and ETA feed—allowing for more fluid services and accurate time information.
Davra has also partnered with US integrator Presidio to enable connected school bus services in Texas in a deal worth over $200,000 (€177,000). The buses allow children to access high-speed Wi-Fi, include vehicle tracking & geo-fence technology and prevent excessive fuel consumption by notifying the bus operator of changes in tyre pressure, driving styles or unusual driving patterns.
Together, the deals with Presidio and City of San Diego are worth €265,000 and will help the company achieve a growth rate of 500% in 2015.
Paul Glynn, CEO of Davra Networks, said: “People are starting to realise how vital the Internet of Things is to our future and, as a result, the importance of our work. We’re helping customers connect like they’ve never connected before—and this is only the beginning. We are currently working with prospective customers in 43 countries right around the globe.
“Our investors have been crucial to Davra’s success story. They engaged with us long before anyone had even heard of the Internet of Things. They got it and they could see the logic in what we were saying. Through their investment and understanding, they have helped us take the next step in our global growth strategy.”
Eugene Smyth, Investment Manager, Dublin BIC, which manages the AIB Seed Capital Fund, said: “The entire way in which we, and things, interact is changing. Davra Networks is at the forefront of that change; driving not just Ireland’s future but the future of the entire connected world. That’s why Internet of Things companies are earning very strong valuations at present, with ten-time revenues and more being typical.
“We saw the tremendous potential of Davra Networks early on and have been working closely with them and the co-investors, Investec Ventures and Delta Partners, to ensure the rest of the world sees that potential, too.”