# Connax

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

- Industry: Software
- Headquarters: Helsinki, Finland
- Website: www.connax.io
- Total disclosed funding: $0.1M
- Latest round: Seed (May 16, 2017)
- Investors on record: 1

## About

Connax delivers innovative software solutions that enhance the functionality and security of Internet of Things (IoT) devices, streamlining their connectivity and operational management for various manufacturers.Connax is a software company based in Helsinki, Finland, specializing in IoT device management solutions. Founded by Ilya Sokolov, who has a background in technology innovation, Connax raised EUR 0.05 million in Seed funding on May 16, 2017, led by Icebreaker. The company has been focused on providing automation solutions for IoT devices' configuration and connectivity. Connax has established itself in the market with a total of 1 deal recorded since its inception.Connax specializes in providing innovative software solutions aimed at enhancing the functionality and security of Internet of Things (IoT) devices. Their core product offering includes a software platform that facilitates the automatic configuration of IoT devices, integrating all necessary credentials for seamless connectivity to various cloud platforms. This solution significantly reduces manufacturing and operational costs for IoT device manufacturers, promoting efficiency and ease of management. The end use cases addressed by Connax primarily revolve around the demand for secure and efficient communication between connected devices and cloud infrastructures. The company serves a diverse client base that includes manufacturers of smart devices across different industries, targeting markets in North America, Europe, and parts of Asia.In 2023, Connax reported a revenue of EUR 92,476.50 and an EBITDA of EUR 19,120.80. The company’s revenue model is structured around software licensing and service agreements, providing clients with the tools necessary for managing their IoT devices effectively. Clients typically engage with Connax through subscription-based services that allow access to the software platform, ensuring ongoing support and updates. The transactions often involve B2B partnerships with manufacturers that integrate Connax's software into their devices prior to market release. Flagship services include comprehensive support for device identity management and security, critical for maintaining the integrity of IoT communications.Connax aims to expand its product offerings, focusing on upcoming software enhancements designed to improve device management capabilities. Additionally, there are plans to enter new markets, particularly in the Asia-Pacific region, by the end of 2024. The recent Seed funding of EUR 0.05 million will be utilized to support these product developments and market expansion initiatives.

## Funding rounds

- Seed, May 16, 2017, $0.1M — Icebreaker

## Investors

- Icebreaker (https://capitalatlas.ai/funds/icebreaker) — Seed