We at Inventure are continuing our winning streak this year with the 8th investment in 8 months. Please allow me to introduce Wirepas, the newest addition to the Inventure family. Wirepas is a Finnish Internet-of-Things connectivity player looking to power billions of connected devices in dedicated multi-hop mesh networks. Since meeting the CEO, Teppo Hemiä, for the first time in May 2014, we are now more convinced than ever of the incredible opportunity ahead of us.
Yes, we know, IoT will be HUGE
According to industry veterans such as Cisco and Ericsson, there will be 50 billion connected devices by 2020, presenting a $1.9 trillion market globally. Connected devices will be found in homes, cars, workplaces, streets, factory floors, and pretty much everywhere, even in the middle of the rainforest. Multiple applications are emerging, albeit at differing paces. The first applications outside of personal consumer devices, such as smart electricity and water meters, telematics and logistics, are already materializing as large-scale rollouts. Wirepas’s connectivity solution is already powering 700k electricity meters in the Oslo region.
Plug and play
We fell in love with Wirepas’ scalable business model and simplicity. Their product called Pino, or Stack in Finnish, is entirely software, offering customers full freedom for the system design and putting the application in to the center of their own focus. Pino can be used with any hardware, can support an unlimited number of devices, and is fully autonomous. Each node in the network is capable of adapting locally to the dynamic radio environment.
The technology enables low-power transmission, supporting a node-to-node range from 100m to several kilometers. The Pino package also comes with a full diagnostics management suite, complete with map views of the network and network performance metrics.
150 years of combined industry expertise
Combined, the team of 15 at Wirepas has more than 150 years of experience in the embedded design in industrial, networking and semiconductor sector. Wirepas has been able to attract the best talent from the local industrial ICT as well as corporates, such as Nokia and STMicroelectronics.
Over the last months, we have followed Teppo’s path as he has been the most resilient leader, inspiring confidence in his team and representing a world-class megaproject innovation partner towards clients. We have been happy to see that the company is already focusing on international markets, with Teppo spending one third of his time abroad, and the sales team splitting their time between the US, Central Europe and Asian markets. We at Inventure are looking forward to being part of the Wirepas story in becoming the standard in powering the connected world.
“Looking into the future, we see plenty of opportunities. It is very encouraging to see how good connectivity lowers the cost of ownership for our customers, whether they are OEMs or service providers. We are not a hit and run company, we will keep investing in the core technology also going forward. We look forward to be a trusted partner in the IoT ecosystem and to becoming the de-facto connectivity solution provider, globally,” says Teppo Hemiä, CEO of Wirepas.