Waterloo, ON, May 6, 2020 − eleven-x, a global leader providing complete turnkey low power IoT solutions, announced their first institutional funding round to drive further expansion of its business. The financing round was led by the Canadian venture capital arm of Crédit Mutuel Equity (formerly CIC Capital Ventures). A US-based strategic investor and leading IoT technology provider also participated in this financing round, along with several other investors.
Recognized globally as wireless connectivity and hardware subject matter experts, eleven-x provide complete, wireless IoT solutions that deliver value and are fully scalable for mass deployment. The solutions are LoRaWAN-based, and are easy-to-use, cost-efficient, and deliver real ROI by enabling cities, campuses and commercial enterprises to leverage wireless, real-time data for making faster, evidence-based decisions. LoRaWAN enables the use of inexpensive battery-powered devices that run virtually maintenance-free for over 10 years.
“It’s very exciting to have Crédit Mutuel Equity join our investor group at this key time for our company,” said Dan Mathers, President and CEO of eleven-x. “Crédit Mutuel Equity has a successful track record of supporting high-growth tech companies, including early entrants in the LoRaWAN space so this is strong validation for eleven-x and our business strategy.”
“The market need and customer desire to deploy and integrate wireless IoT solutions is clear, as witnessed by the incredible growth rates projected in the IoT space. eleven-x has already developed key customer relationships and deployments and is committed to delivering solutions and services that generate real value by surpassing ROI expectations,” noted Raghu Bharat, Principal at Crédit Mutuel Equity.
About Crédit Mutuel Equity
Crédit Mutuel Equity (formerly CIC Capital) is the private equity subsidiary of Crédit Mutuel Alliance Fédérale and carries out venture capital, growth capital and buyout activities.
Crédit Mutuel Equity supports business leaders at all stages of their companies’ development, from seed phase to buyout, by providing them with the means and the time required to implement their transformational projects. Crédit Mutuel Equity brings together a network of over 350 business leaders and entrepreneurs who share similar convictions and can benefit from one another’s experience, no matter the nature of their projects. Using its own funds (€3.0 billion), Crédit Mutuel Equity makes investments tailored to the time horizons and growth strategies of the companies in which it invests, whether in France, Canada, the United States, Germany or Switzerland.
About Crédit Mutuel Alliance Fédérale
Crédit Mutuel Alliance Fédérale comprises the Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille) and Anjou (Angers) federations. Massif Central (Clermont-Ferrand) and Antilles-Guyane (Fort-de-France) federations will join it on January 1, 2020. Crédit Mutuel Alliance Fédérale also encompasses Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), Targobank, Cofidis, Banque Européenne du Crédit Mutuel (BECM) and CIC Iberbanco.
More info on creditmutuel.fr
About eleven-x Inc.
eleven-x simplifies IoT and facilitates faster, evidence-driven decisions through wireless connectivity and real-time data collection for Intelligent Cities, Campuses, Buildings and Industry. We offer complete device to cloud LoRaWAN® solutions, comprised of accurate and reliable sensor networks delivering secure data to our customers through easy to use dashboards and industry standard APIs. Organizations rely on eleven-x’s wireless connectivity expertise to deliver turnkey solutions that improve operations, simplify processes and deliver value in today’s connected world. Visit eleven-x.com for more information.
