Dublin based Internet of Things (IoT) company VT Networks, today announced the closure of its €1.2m funding round. Serial entrepreneur, founder of Realex Payments and current CEO and founder of Fire Financial Services, Colm Lyon, is the largest single investor in the round, while other investors include Suretank Group founder Patrick Joy, Dome Telecom’s Dara O’Mahony and KellySans.
Speaking today following his investment, Colm Lyon said VT Networks is extremely well positioned to capitalise on the Internet of Things sector in Ireland and across Europe:
“It is very exciting to be involved with VT. The team are highly motivated and have secured extremely important operational and strategic relationships already. This will see them drive Ireland’s long term innovation in this sector. By providing a nationwide network and supporting Irish companies in developing IoT ready products it puts VT in pole position. I am delighted to support this company to achieve its goals in a fast paced and opportunity rich sector.”
VT Networks, founded by Mark Bannon and Will Ferguson in 2014, is the SIGFOX network operator in Ireland. It is currently rolling out its IoT network across the country in partnership with RTE’s 2RN.
“VT Networks will connect millions of devices to our dedicated network including security systems, tracking devices, healthcare sensors, agri-tech solutions and energy meters. Looking ahead over the next decade, there’s no question that IoT technology will revolutionise homes, farms and businesses. Ireland is uniquely positioned as a leader in the IoT arena – with several large multinationals choosing to locate their IoT labs here,” Mr Bannon said. “Our network is disrupting the status quo because it has been specifically designed to send and receive small packets of data – allowing devices to transmit useful information on an ongoing basis while requiring minimal energy.”
“It’s great to see investors responding to the innovation VT Networks represents. We are ambitious for our future growth and this seed funding will enable us to scale our operations. It’s thrilling to receive the backing of investors with the calibre of Colm Lyon, Patrick Joy Dara O’Mahony and KellySans, and we look forward to learning from their considerable experience and expertise.”
VT Networks developed its nationwide network with French firm SIGFOX and RTE’s communications networks and transmission operation company, 2RN. RTE’s 2RN distributes and transmits all RTE TV and radio services, as well as other national, local and regional broadcasting, mobile and broadband. It is widely considered to be Ireland’s most reliable and extensive network, offering huge opportunities to VT Networks.
By June 2016 VT Networks expects to have 98 per cent population and territory coverage of Ireland, which will enable objects, sensors and ‘things’ to be connected anywhere in the country.
IoT is expected to be the latest technological development to change the way consumers and businesses interact with their devices. It is predicted that, by 2020, 34 billion devices will be connected to the Internet and nearly $6 trillion will be spent on IoT solutions with an estimated $13 trillion return on investment. It is expected that businesses will be the top adopter of IoT solutions followed by governments and consumers.
More information about VT Networks is available at www.vtnetworks.ie.