Mapped uses AI and edge software for commercial and industrial IoT
Mapped, an AI-powered data infrastructure platform for commercial and industrial IoT, announced that it closed its seed II funding round.
The company said it raised a total of $6.5 million in seed II funding on top of the $3 million raised in February 2020, taking its total raise to $9.5 million. Investors include MetaProp and Allegion Ventures as co-leads, along with Singtel Innov8, Greycroft, and ANIMO Ventures.
The platform combines cloud AI and intelligent edge software, to automatically discover, ingest, and normalize data about people, places, and things from all disparate devices in commercial and industrial environments. The platform is then able to map this data into a simple ontology to help digitization teams, app developers, data scientists, systems engineers, and subject matter experts instantly access normalized live data.
“Our investment into Mapped represents our continued belief that data and automation are key to unlocking the massive market opportunity of smart buildings and IoT,” said Jeanne Casey, principal at MetaProp.
“Mapped is led by a very impressive management team with diverse technical backgrounds who have created a unique and much-needed ability to unify connected devices across commercial systems and buildings,” said Rob Martens, president of Allegion Ventures. “The software and tools Mapped is offering have an exciting opportunity to be adapted and scaled by a wide audience that wants real-time device visibility and data insights—and they also align to the Allegion Ventures focus of enabling technology to reduce friction and make buildings smarter and more secure.”
“We are grateful for the momentum we’ve achieved and the recognition Mapped has earned, and are excited to continue taking our uniquely modern approach towards abstracting the complexities of data integration to market,” said Shaun Cooley, Mapped founder and CEO.
Cooley said that this funding round will be used to build out go-to-market teams, strengthen the firm’s core technology, and meet increasing customer demand. “Our customers see Mapped as filling a highly-anticipated need through our simple, secure, and reliable API, which is especially vital now as the public settles into a new post-pandemic normal. Commercial buildings need to be increasingly competitive in today’s marketplace, and Mapped provides the capability for a convenient and elevated experience within those physical spaces. The fully automated Mapped data pipeline significantly reduces time-to-value for both commercial and industrial enterprises,” Cooley added.
Allegion Ventures is the corporate venture fund of Allegion.
MetaProp is a New York-based venture capital firm focused on the real estate technology industry. MetaProp’s investment team has invested in over 130 technology companies across the real estate value chain.