We’re excited to announce portfolio company Losant has closed a $5.2 million Series A round of financing. CincyTech led the round with participation from Revolution’s new Rise of the Rest® Seed fund, TechNexus and Vine Street Ventures.
We first invested in Losant in 2016, on the strength of impressive founders and a timely market opportunity. Charlie Key and Brandon Cannaday founded, built and sold their previous company, Modulus. Losant is an enterprise Internet of Things platform which allows developers to easily connect devices and derive meaningful data from them. Connected solutions and digital information are transforming every business and industry. Fresh capital will allow Losant to scale to meet growing demand.
“We’re excited to see our platform power intelligent solutions across a gamut of industries and use-cases,” said Key. “Our customers (which include Verizon, Bosch, and Hewlett Packard Enterprise) are pushing new boundaries in industrial equipment monitoring, asset tracking, smart buildings, and more. With endless possibilities, Losant is uniquely positioned to help thousands of companies in their IoT journey.”
“Billions, not millions, of connected devices are being deployed across all domains,” said CincyTech CEO Mike Venerable. “Losant’s reliable and scalable platform for IoT is being used in an accelerating number of scenarios that represent the connected future.”
The investment is one of the first from Revolution’s Rise of the Rest® Seed fund, a $150-million fund, led by Steve Case and JD Vance, to make early stage investments in startups outside of Silicon Valley. The fund is backed by a group that includes iconic entrepreneurs, executives and investors.
Said JD Vance, Rise of the Rest Seed fund Managing Partner, “Losant’s use of next generation IoT solutions has the potential to change every industry and business and the fact that it’s a promising Ohio-grown startup makes it that much more exciting. We are thrilled to invest in Losant alongside CincyTech, who has been helping entrepreneurs build successful technology companies in southwest Ohio for a decade.”