Scottish IoT connectivity business Pelion has secured what it describes as ‘significant’ growth equity funding from Scottish Equity Partners (SEP).

The Glasgow-based firm has stated that it hopes the funding will allow it to grow independently and invest further in product development, sales and customer support.

Pelion has developed a global connectivity management platform that aims to enable enterprise customers to connect end devices to applications through cellular connectivity.

It currently has 500 customers on its books that span a wide range of sectors, including industrials, utilities, transport and logistics, and healthcare.

The company has stated that it has already made significant investment into its connectivity management platform, secure end-to-end network and global eSIM offering. With this new funding, Pelion hopes to continue developing its platform, while adding resources in key areas such as commercial function, all while maintaining business momentum.

David Weidner, CEO of Pelion, commented: “This investment sets us up well to accelerate our growth as an independent business. Pelion is at the forefront of the IoT connectivity market, serving a multitude of customer use cases around the globe, and we are excited to be embarking upon the next stage of our journey.

“The investments made into our technology and products over the past five years make us an ideal partner for any enterprise seeking to utilise IoT to drive their business outcomes.”

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Tim Ankers of SEP added: “We are excited to partner with Pelion. It has built a leading connectivity management platform addressing a multi-billion-dollar market opportunity, and the number of cellular connected devices is forecast to grow exponentially.

“Pelion’s platform simplifies the complex ecosystem for enterprise customers and, with its strong reputation for technical excellence and customer support, we believe it is well placed to benefit from this trend.”

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