RAKwireless Closes $10 Mn Series A Funding Round

The brand supplies technology to household name IoT devices such as Google Home and Amazon Alexa

learn more about Prabhjeet Bhatla

By Prabhjeet Bhatla

Unsplash

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Low-power wide-area (LPWA) end-to-end solutions RAKwireless Technology Co. Ltd. (RAK), announced on Tuesday the successful closing of a $10 million Series A Funding. The deal was led by Hong Kong NWS Holding Limited, followed by China-based venture capital firm Shunwei, whose portfolio includes billions of investments in tech companies in East and Southeast Asia.

This investment will be used to advance the production of high-performing infrastructure and edge devices, and further market the company's initiatives to make IoT simple.

At RAK, our core motivation is to diversify the IoT world by making easy-to-configure devices. With this round of funding, RAK will build a one-stop service factory including assembly, enabling us to assist customers throughout all the production stages, from prototyping to commercial launch. Our goal is to help developers transition smoothly from prototype to commercial product.

Since 2014, the platform has been delivering simple but powerful tools that eliminate barriers in IoT connectivity and empower people to build a smart future. It's continuous development of these IoT solutions empowers innovators and commercial enterprises to build the right environment for their property. The brand has held partnerships with some of the world's leading tech players such as Apple, Amazon, Alibaba, Tencent, and Microsoft. These partnerships have fueled thousands of small and medium enterprises with best-in-breed IoT technology.

"At RAK, our core motivation is to make things easier to build in the IoT world. We want to help developers to transition smoothly from prototype to commercial product. We understand what developers require to build a ready-to-use product: it's not just the tools that they need, they also need more value-added services like customized enclosure, assembly, labeling, provisioning, etc," said Ken Yu, chief executive officer, RAK. "With this round of funding, we aim to build a truly one-stop service factory, enabling us not only to create and produce better products but also to provide custom design, assembly service, and more to our customers."

Starting with its LoRa modules that are the backbone of low-power wide-area networks, RAK engineers constructed robust indoor and outdoor gateways that enterprises use to boost their networking connections and operations. Its durable nodes, which help collect real-time accurate data from the environment, were the next step in paving the way for efficient maintenance of infrastructures.

Through the years, RAK has attracted not only the local IoT community but also foreign leaders in information technology. From its headquarters in Shenzhen, R&D center, and office in Xi'an and Beijing, China, the RAK brand has reached the rest of Asia, Europe, America, Australia, and Africa.

RAK's newest investment deal is a huge vote of confidence not only in the company but also in the ever-expanding IoT market. In 2018, the IoT market was valued at $190 billion, $75.4 billion of which come from the Asia Pacific region, specifically in China where RAK is headquartered. Now, the technology sector is projected to rapidly grow in agriculture and banking services, and obtain $1.6 trillion in revenue by 2025.

Related Topics

News and Trends

Scam 2023: Inside The World Startup Convention Disaster

To many, the speaker line up for the World Startup Convention (WSC) which had been scheduled for March 24-26, 2023 at Greater Noida may have seemed too good to be true.

Growing a Business

Scaling Made Easy: How to Scale Your Business like a Fortune 500 Company

Once you have the night-vision skills of Fortune 500 restaurants, scaling becomes effortless. Here are 3 ways to scale, hidden in plain sight.

News and Trends

5 Tips for Women to Consider while Investing in 2023

The need for women to invest for themselves is crucial, due to various factors such as income disparities, potential time off work to take care of the family and the need to maintain a personal corpus for financial independence and security.

Business Plans

5 Things to Know and Do Before Writing Your Business Plan

If you need a business plan, there are certain things you need to know and do before you sit down to create it. In this article, you'll learn five things to complete before writing your plan to ensure you get the best results.

Leadership

5 Steps to Communicate Like a Boss

Here are five tips leaders can use to improve their communication skills.