London, 10 May 2016. For Immediate Release: IoT start-up Pycom announced today that Hong Kong based In-Tech Electronics has become the latest investor to back its business. Pycom is the creator of the highly disruptive IoT development boards LoPy and WiPy and as a result of the funding from In Tech Electronics, is on course to close a seven figure first financing round. Since launching in January 2016, Pycom has enjoyed significant growth and interest from the IoT development community keen to exploit its innovation and in particular low energy triple bearer boards – the first of their kind in the world. The funding will serve to accelerate the execution of Pycom’s roadmap and enable further market reach.
Pycom’s, CEO and co-founder, Fred de Haro says that the investment marks an important stage in the company’s development: “Since launching in January, Pycom focused on producing a series of fast deployment, multi-network, edge-of-network modules at a price point that finally makes connecting lots of individual sensors an economic reality. It’s just been far too expensive and long-winded for many enterprises to make their IoT strategy a reality until now. Our LoPy Kickstarter campaign demonstrated that our pricing works for development boards that support Bluetooth, WiFi and LoRa – in fact the campaign was oversubscribed by almost three times such is the demand for this innovation in IoT.
“In just five months since starting up, we are supplying over 3,000 developers and almost 1,000 enterprises. In order to continue this growth, we required not just an investor but a true partner. In-Tech gives Pycom competency in design, manufacturing and certification, scale to supply millions of boards per month if required and most importantly shares our core values, our vision as well as our focus on integrity”.
The Hong Kong based manufacturing giant is no stranger to backing disruptive organisations as the company’s CEO and founder, Albert Ho explains: “The benefits of IoT is evident for Chinese manufacturers. The government has launched a “Made in China 2025” initiative, modelled on Germany’s “Industrie 4.0” scheme to improve our country’s manufacturing competitiveness and according to Accenture “the economic value from the IoT could jump from US$196 billion to US$736 billion—a 276 percent increase”(1).
In-Tech has built a solid business over the past 19 years, manufacturing on behalf of the world’s leading electronic companies. We have a track record of backing successful start-up companies where we see our ethos and capability mirrored. We spotted an innovative and revolutionary approach to supplying intelligence and resiliency at the edge of the network which fits well with our own IoT strategy and our ability to scale up production to meet the ever growing number of connected devices”.
Fred de Haro adds that the deal also reinforces why the West is such an interesting investment for IoT “Europe and the US is leading the way in IoT innovation but many forget that China is set to become the largest IoT market, with a predicted market size of 10% of all IoT installations worldwide by 2025(2). That opens up opportunities for start-ups like us. We already have customers in 56 countries but it’s critical that we look to the East for partnerships and funding to broaden our market share. We’re thrilled to have a knowledgeable and trustworthy partner that will help us achieve our APAC growth objectives.”
Pycom enables people to invent things that connect to the Internet. Pycom is an IOT REBEL challenging conventional IoT through innovation and a refusal to accept the status quo. Why should IoT projects take months, cost loads, go through lots of iterations and then connect unreliably once in use? The answer is they shouldn’t and they don’t need to. Pycom delivers a full IoT platform enabling rapid development and deployment of multi-network MicroPython powered devices shortening the development time by a factor of 10. These are supported by a cool library of industry specific IoT applications that will be downloadable from the IOT App Store on Pycom Exchange. We’re doing this to support large communities of professional and hobbyist developers, education facilities and small and big enterprises all of whom are looking to connect their Things with smart and versatile development tools. We’re disrupting the IoT industry and daring to deliver it differently.
Founded in 1997, In-Tech Electronics Ltd is one of the most well-equipped manufacturing facilities in China and offers Electronics Manufacturing Services (EMS) including end-to-end solutions to OEM customers in the areas of automotive, medical and healthcare, communication and networking, POS & banking as well as marine and aerospace electronics. The plant is a 60,000m2 purpose-built manufacturing facility located in Shenzhen, China that boasts an impressive production capacity of up to 650 million chips per month.
(1) Source: Accenture, https://www.accenture.com/gb-en/insight-how-the-internet-of-things-can-drive-growth-in-china-industries.aspx
(2) Source: GSMA, http://www.gsma.com/newsroom/wp-content/uploads/16531-China-IoT-Report-LR.pdf)
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