Neura, an early stage technology company focused on connecting the Internet of Things (IoT), has secured $2 million in funding, led by venture capital firm Greenhouse Capital Partners, alongside SingTel Innov8 Ventures, Pitango Venture Capital, TriplePoint Ventures, and prominent angel investors, including Ben Narasin and Isaac Applbaum. Neura is a graduate of Silicon Valley based accelerator UpWest Labs.
The funds will be used to further fuel the development of Neuras technology, which enables connected devices to offer a responsive and personal user experience by understanding an individuals patterns and behaviors. Additionally, Neura acts as a connective tissue that bridges devices, locations, people and the web, allowing devices to communicate with one another.
According to Gartner, Inc., the Internet of Things installed base will grow to 26 billion units by 2020. In the era of connectivity and interoperability, Neura aims to create key solutions that help devices communicate, correlate data, and intuitively adapt to individuals needs.
The creation of Neuras technology comes at a time when the IoT industry is proliferating exponentially. GSM Association, which oversees mobile phone standards, predicts that machine-to-machine connections will grow from 195 million connections to 250 million–or 22%–by the end of 2014. By 2025, the total global worth of IoT technology is estimated to be as much as US$6.2 trillion, primarily from devices in the healthcare ($2.5 trillion) and manufacturing ($2.3 trillion) spaces, according to The McKinsey Institute.