Television white-space spectrum pioneer Neul Ltd. has closed an initial tranche of a $5 million Series B round of equity funding.
The company did not reveal the names of its latest backers but said in a press release that it would use the money to develop its "network-as-a-service" to allow network operators to deliver Internet-of-Things services starting in 2014. The money will also be used for cost-optimization of end-point and basestation devices allowing Neul to provide operators with a secure and economic network also to support multiple application-specfic networks.
Previous backers of Neul include DFJ Esprit, IQ Capital Partners, and Cambridge Business Angels.
While a number of companies have started offering IoT products and services based on established cellular and WiFi networks, Neul has always stressed that dedicated networks tailored to IoT application requirements could benefit from unused spectrum around the television broadcast frequencies.
Stan Boland, CEO of Neul, commented:
Much is promised from the Internet of Things but the missing piece has been a simple low-cost WAN connectivity solution that can finally link future end points to applications in the cloud. Many of the possible applications are today forced into using Wi-Fi, GPRS, mesh or 3G connectivity. For multiple different reasons, none of these is ideal and most of the world's IoT potential remains unrealized. Fortunately, as an industry, we're no longer discussing why a new wide-area network solution is required to address the Internet of Things but how and when this can be delivered. Weightless is the answer and you'll see what we mean as 2014 progresses.
Weightless is a communications protocol originally pioneered by Neul that is intended to provide a low overhead for devices that need to communicate small data payloads.
Neul said it expects to add further participation in the Series B round of funding in the next few months.