Spiio, Palo Alto, California, an in-ground data as a service provider, raised a $1.6 million fundraising round from internal investors: byFounders, inQvation, Danish Growth Fund and a range of angel investors. The funds will be used to strengthen the development team, move forward with products on the Spiio platform and scale the sales and marketing efforts primarily in North America.
Spiio’s product is a data service based on a wireless sensor that tracks soil moisture, temperature and salinity data from the ground and uploads that data to be viewed on its web or mobile app.
The new investment round will enable Spiio to get its services to more customers in the landscaping industry in North America and speeds up the innovation of the current product suite.
“In these rough times, I’m happy to announce this new stepping stone for Spiio,” says Martin Dal, Spiio founder and CEO. “The team has worked incredibly hard and, against all odds, we have grown significantly throughout the year. With support from investors, we’re extremely excited to have the power to what we fight for every day: Putting new valuable data services in front of many more users.”
The team is growing to cope with current and future demand.
“There’s no doubt that many companies have been struggling through COVID-19, and the Spiio team has worked hard to find new ways of achieving growth,” says Claus Zibrandtsen, inQvation and lead investor. “We feel privileged to have a strong collective of shareholders, and together with the Danish Growth Fund, we’ve been able to help Spiio into the next level.”