Jasper raises $50 million in financing round

Jasper Wireless has raised $50 million in a new round of financing led by Singapore’s Temasek.

The M2M platform provider says it will use the funding to expand its service, claiming that it now serves around 1,000 enterprise customers and has partnerships with 19 operators around the world.

“After nearly a decade partnering with enterprises and operators, we know one thing with absolute certainty: the Internet of Things is not about things, it is about service,” said Jahangir Mohammed, the founder and chief executive of Jasper (Mountain View, CA, USA).

“We are seeing explosive growth in the number of Internet-connected devices, with many more billions anticipated by the end of the decade,” added Mohammed. “And for over 1,000 companies around the globe, these services are already made possible by our IoT platform.”

Jasper provided few details of its investment plans but said it would use the $50 million to accelerate “platform innovation” and increase business value for enterprises and customers.

The company also cited some of its activities in major vertical markets, including the automotive, healthcare and airline industries.

In the former, Jasper has been working with a number of leading carmakers to provide connectivity services that will deliver information about traffic, weather and vehicle diagnostics to drivers and passengers.

It is also working alongside a range of healthcare and medical device companies to connect devices, patients, caregivers and healthcare professionals.

In the airline industry, meanwhile, its platform is being used to connect jet engines to a centralized system, supporting the provision of real-time preventive maintenance services.

Jasper claims this is helping to reduce the loss of more than $8 billion in operational costs that result from flight delays and cancellations each year.