Neul secures first Series B funding with additional US$5m as Boland drives company in new direction

(Cambridge, UK – September 6, 2013) – Neul Ltd, a specialist in Internet of Things (IoT) network technology using the Weightless™ wireless standard, has closed the initial US$5 million tranche of a new Series B round of equity funding. (See our Exclusive Interview: Neul CEO switches focus from broadband to M2M, lays off staff, plans new office and investment)

This funding is intended to help Neul further develop its ‘Network as a Service’ (NaaS) for network operators, to enable them to deliver IoT services starting in 2014 and to cost-optimise the endpoints and base station devices over which it is delivered.

In doing so, Neul will allow operators to deliver a simple, secure and economic network to support a vast range of end-applications. (See also: Neul debuts ATEX-compliant ‘white space’ communications system and appoints new CEO)

Stan Boland, Neul’s CEO commented: “Much is promised from the Internet of Things but the missing piece has been a simple low-cost WAN connectivity solution that can finally link future endpoints to applications in the cloud.  Many of the possible applications are today forced into using Wi-Fi, GPRS, mesh or 3G connectivity.

“For multiple different reasons, none of these is ideal and most of the world’s IoT potential remains unrealised. Fortunately, as an industry, we’re no longer discussing why a new wide-area network solution is required to address the Internet of Things but how and when this can be delivered. Weightless™is the answer and you’ll see what we mean as 2014 progresses,” said Boland.

Neul expects to add further limited participation to its Series B funding in the next few months and also announced its move to new premises at Vision Park in Cambridge with expansion space for increased staff.
(See also: Weightless Specification silicon for M2M launches and M2M supergroup formed by ARM in Cambridge).