# Afero

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/afero

- Industry: Internet
- Headquarters: Los Altos, US
- Website: www.afero.io
- Total disclosed funding: $96M
- Latest round: Series C (Dec 2, 2021)
- Investors on record: 9

## About

Afero, Inc. is a technology firm specializing in Internet of Things (IoT) Platform as a Service, enabling manufacturers to connect various devices securely to the internet.Afero, Inc. was founded in 2014 and is headquartered in Los Altos, US. The company provides an IoT platform that allows manufacturers to develop connected products. It has raised a total of USD 52.93 mn across three funding rounds, with the latest being a Series C round on December 2, 2021, led by Crosspoint Capital Partners and including The Home Depot, Inc. The company was founded by Joe Britt and Shin Matsumura, with Joe Britt currently serving as CEO.Afero offers a comprehensive Internet of Things (IoT) Platform as a Service, enabling manufacturers to create connected devices, including smart home products and intelligent appliances. Its IoT platform features enterprise-grade security, user-friendly interfaces, and customized solutions for various consumer categories. Afero's patented technology ensures seamless integration across smart lighting, door locks, and energy management systems, primarily serving North America, Europe, and Asia.Afero generates revenue through partnerships with manufacturers and retailers, as well as direct-to-consumer sales of its IoT solutions. The company operates on a transactional model, providing subscription-based access to its platform, licensing patented technology, and offering ongoing support for connected devices. Additionally, Afero's Hubspace platform enhances revenue by integrating various smart home products into a cohesive ecosystem.Following its Series C funding of USD 52.93 mn in December 2021, led by Crosspoint Capital Partners, Afero plans to enhance its go-to-market strategies and increase investment in marketing and sales initiatives. The company aims to expand its product offerings and improve its market presence in North America, Europe, and Asia. Upcoming new products are being designed, though specific release dates have not been disclosed.

## Funding rounds

- Series C, Dec 2, 2021, $53M — The Home Depot, Inc., Crosspoint Capital Partners
- Series B, Jun 15, 2019, $23M — Mistletoe
- Series A, May 18, 2016, $20M — SoftBank Group, Presidio Ventures, Pegasus Tech Ventures, Samsung Strategy & Innovation Center, Assembly Partners, Sanshin Electronics Co. Ltd

## Investors

- SoftBank Group — Series A
- Presidio Ventures (https://capitalatlas.ai/funds/presidio-ventures) — Series A
- Pegasus Tech Ventures (https://capitalatlas.ai/funds/pegasus-tech-ventures) — Series A
- Samsung Strategy & Innovation Center (https://capitalatlas.ai/funds/samsung-strategy-innovation-center) — Series A
- Assembly Partners — Series A
- Sanshin Electronics Co. Ltd — Series A
- Mistletoe (https://capitalatlas.ai/funds/mistletoe) — Series B
- The Home Depot, Inc. — Series C
- Crosspoint Capital Partners (https://capitalatlas.ai/funds/crosspoint-capital-partners) — Series C