IoT start-up scriptr.io has received almost £3 million in new funding, and will use the money to expand into America.
Internet of Things solution provider scriptr.io has raised $4million (almost £3million) in Series A funding run by Middle East Venture Partners, Berytech fund, and Insure and Match Capital (IM).
Scriptr.io will use the money to expand in America, and to continue and develop research. The company currently has teams in Beirut, Lebanon and Hyderabad.
Scriptr.io claims to have built the first 100 percent cloud platform, driven by a browser-based integrated development environment, enabling developers to create custom web services. Users won’t need to host infrastructure, database and application servers, they can quickly create and run custom web services and build their own APIs. This allows for easy migration from prototype to production on large scales without rewriting solutions.
Using this platform, developers can access to over 60 APIs; Software Development Kits (SDKs) supporting many IoT platforms; connections to leading IoT solutions in health, integration, automotive and big data including CarVoyant, Fitbits, and little Bits.
IoT market growth
CEO and founder of scriptr.io, Rabih Nassar, said: “IoT is expected to add $1.7 trillion to the global economy by 2020. We are fueling this growth by reducing barriers to entry for companies across all industries, allowing IoT innovation to evolve and to demonstrate real business impact. This funding will allow us to continue developing our technology and provide our customers with robust, state-of-the-art cloud development and run-time capabilities.”
Managing partner and MEVP at the IoT start-up, Walid Mansour, said: “scriptr.io is ripe to become one of the leading cloud and fog computing software platforms in the IoT ecosystem. We feel strongly about the prospects of this company and the solid team behind it. We are bullish about the prospect of the IoT transformation that will shape up our economies.”