Buddy Platform, a cloud-based engine providing IoT data management, processing and control platform raised an A$ 23M funding round. New and existing Australian domestic and Asian institutional investors participated in the round.
The company, listed on ASX (Australian Securities Exchange) announced that it will use the funding proceeds for international expansion, including a potential global distribution deal with a major telecom partner for 100+ new markets for Buddy Ohm. Other details of the funding include the issuance of BUD shares. “115,000,000 shares to be issued at A$ 0.20 per share, representing a 10.9% discount to the 10-day VWAP of A$ 0.2244 per share”, reads the company’s press release.
Buddy’s three core offerings are the Buddy Cloud, Parse on Buddy, and Buddy Ohm. It is for the latter’s channel sales strategy that Buddy will be using these funds. Along with channel sales development, it will also invest in R&D efforts to stay competitive.
The company launched its Buddy Ohm product in March this year. Ohm uses IoT devices to optimize and reduce energy and other utility bills in commercial buildings. Lady Gaga’s investment firm AF Square and Microsoft invested in Ohm.