Molten Ventures leads €40 million Series A in HiveMQ
We are proud to announce that Molten Ventures has led a €40m Series A funding round in HiveMQ, provider of the enterprise MQTT messaging platform.
HiveMQ’s messaging platform allows companies to capitalise on the industry trend of connecting IoT devices to the cloud. The company was founded in 2012 by Christian Gotz, Dominik Obermaier and Christoph Shabel and was an early adopter of MQTT, an extremely lightweight publish/subscribe messaging transport that is ideal for connecting remote devices with a small code footprint and minimal network bandwidth. MQTT is an IoT standard which has become the default for IoT messaging and connectivity. From its roots in the automotive industry in Germany, HiveMQ has grown into other sectors and internationally, with over 50% of its revenue now coming from US-based companies.
The new investment will be used to further accelerate the development, growth and adoption of the company’s MQTT messaging platform, which is used by Fortune 500 companies to power IoT data collection between IoT devices and enterprise IT services.By 2025, there will be an estimated 40 billion IoT devices connected to the internet ready to transmit and receive data. Connected cars generate an estimated 2TB data per day and connected factories up to 5 petabytes (PB) data per week, yet current enterprise messaging platforms cannot handle the volume of data or connections generated by IoT devices. HiveMQ offers the IoT messaging platform required to scale the data exchange between IoT devices and enterprise IT services.
“Building on a very successful 2021, we are thrilled to have Molten Ventures, Mubadala Capital and Illusian join our team of investors and existing investors Earlybird, Senovo and New Forge reinvesting in HiveMQ as we continue to grow the IoT messaging industry,” explains Christian Götz, CEO and Co-founder of HiveMQ. “We see strong cross industry interest in our vision that an IoT messaging platform is required to implement a reliable and scalable IoT system. This investment will allow us to expand our go-to-market teams and accelerate our R&D in HiveMQ Cloud and the HiveMQ ecosystem.”
The company is working with global brands across a range of industries as they transform their products to be more connected and modernise their manufacturing operations. Global automotive manufacturers are adopting MQTT as the standard for connected car platforms to improve the overall customer experience and gain more insight into vehicle operation, while smart cities are adopting MQTT to modernise public transportation to improve customer service and lower operating costs, among endless other uses.
The round was led by Molten, with further participation by new investors Mubadala Capital and Illusion, as well as existing investors Earlybird, Senovo and New Forge.
Christoph Hornung, Partner, Molten Ventures added: "Global investment in IoT will grow substantially in the coming years, and we were impressed by HiveMQ’s vision and strategy to capitalise. The team at HiveMQ has built a product which revolutionises how companies connect with their customers and suppliers - something the IoT industry desperately needs. The opportunity for HiveMQ is to become the world's leading IoT messaging platform and we look forward to working with Christian and the team to help deliver their potential.”