NextDrive successfully closes Series B1 equity raise led by Arm IoT Fund, enabling the acceleration of its Internet of Energy (IoE) platform business.
With a focus on providing IoE platform solutions, NextDrive announces the successful closing of its $10m USD Series B1 equity fund raising round as of 3/17. This fund raising round was co-led by Arm IoT Fund, an early-stage VC sponsored by Arm – world leading semiconductor intellectual property (IP) supplier for digital electronic products, and the Alibaba Entrepreneurial Fund, managed and co-invested by WI Harper, a San Francisco based VC.
With an eye on 60m electricity consuming households in a liberalized utility market, we aim to further develop platform services and help our clients realize the value of electricity data.
Starting in 2017, NextDrive started its energy management solution business. The award winning hardware combined with innovative energy data gathering technology has gathered support of many well known investors, starting with Alibaba Entrepreneurial Fund as our Series A investor in May 2017.
Facing the fast developing liberal energy market in Japan, NextDrive has now gained the strategic investment from Arm IoT Fund and is working together on further developing our services and data science capabilities using Arm’s Pelion platform, with the ultimate goal of providing our clients a vertically integrated one stop energy management platform.
Founded in 2013, NextDrive is an Taiwan Internet of Energy (IoE) company. Through advancing Internet of Things technology, NextDrive provides one-stop-shop energy management services for power companies and energy retailers.
ARM Holdings plc. and Arm IoT Fund
Arm is a world leading semiconductor intellectual property (IP) supplier for digital electronic products. Arm IoT Fund, is an early-stage VC sponsored by Arm.
Alibaba Taiwan Entrepreneurs Fund
The Alibaba Taiwan Entrepreneurs Fund is a project created by the Alibaba Group in 2015 to provide capital and technology through the ecosystem. It hopes to assist entrepreneurs and young people in Taiwan to pursue their dreams, advance their careers, and promote economic development.
Founded in 1993, WI Harper is a pioneering cross-border venture capital firm investing in early to growth stage companies across the US, Greater China, and Asia Pacific.As of today, WI Harper has managed 8 venture capital funds which has accumulated nearly US $ 1 billion.