Total amount raised
$22.9 Millions
Latest funding date
03/01/2022
Location
Teal has successfully raised $19.9 million over two Series A funding rounds. The platform specializes in cellular IoT connectivity and eSIM technology, offering versatile solutions for global network access.
Keep reading to explore the intricacies of Teal's fundraising journey and the investors backing this innovative platform.
What Is Teal?
Teal, founded on June 1, 2018, in Bellevue, Washington, specializes in cellular IoT connectivity and eSIM technology. The company was established by Michael Johnston and Robby Hamblet.
Teal's platform automates device connectivity to over 2,000 public cellular networks in 195 countries, leveraging eSIM technology to optimize based on price, coverage, and network quality. They also offer solutions for Private LTE/5G Network Operators to manage subscribers and switch between networks seamlessly.
With a team of 11-50 employees, Teal provides a range of products and services, including the OneChip Global eSIM, IoT eSIM with Unlimited 5G, and the Aurora Connectivity Management Platform, catering to various industries such as healthcare, mobility, and smart cities.
How Much Funding Has Teal Raised?
- Seed Round
- Amount Raised: $3M
- Date: June 2018
- Lead Investors: StageDotO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's foundational technology and initial market presence.
- Series A
- Amount Raised: $9.1M
- Date: April 2021
- Lead Investors: Alliance of Angels
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand eSIM technology and enhance global connectivity solutions.
- Series A-1
- Amount Raised: $10.8M
- Date: March 2022
- Lead Investors: StageDotO, Stormbreaker Ventures
- Valuation at Round: Over $100M
- Motivation Behind the Round: To support continued growth and expansion in the IoT industry.
Total Amount Raised: $22.9M. Current Valuation: Over $100M.
Key Investors
The major investors in Teal are as follows:
- StageDotO Ventures
- Details: StageDotO Ventures is an early-stage investment fund with offices in Seattle, Washington, and Boise, Idaho. They focus on investing in early-stage companies to help them grow and scale.
- Investment Focus Areas: Internet of Things (IoT), Networking Technologies, Mobility.
- Notable Investments: Not publicly disclosed.
- Stormbreaker Ventures
- Details: Stormbreaker Ventures is a venture capital firm known for participating in funding rounds for innovative startups. They aim to support companies with disruptive technologies.
- Investment Focus Areas: IoT, Healthcare, Industry 4.0.
- Notable Investments: Not publicly disclosed.
- Capital Eleven
- Details: Capital Eleven is a venture capital firm involved in funding rounds for startups. They focus on providing the necessary capital to help companies achieve their growth objectives.
- Investment Focus Areas: IoT, Defense, Robotics.
- Notable Investments: Not publicly disclosed.
Note: The information about notable investments and specific details for some investors was not available in the provided sources.
What's Next for Teal?
Teal's future looks promising as it continues to capitalize on the growing demand for IoT solutions across various sectors such as healthcare, mobility, and Industry 4.0. The company's platform, which offers access to multiple native 5G networks and other advanced networking technologies, positions it as a game-changer in the industry. This vast market potential could attract further investment, enabling Teal to expand its technological capabilities and market reach.
However, Teal may face challenges such as competition from other IoT platform providers and the need to ensure the scalability and reliability of its services. Keeping up with rapid technological advancements will also be crucial. Despite these hurdles, Teal's significant growth and recent funding rounds suggest a bright future, with potential for strategic partnerships or acquisitions to further bolster its position in the market.
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