Konektio builds AssetMinder, an industry-focused IoT SaaS platform that enables remote monitoring, predictive maintenance, and intelligent data analysis for asset management. The company was founded by Patrick Nash, Jan Hemper and Jon Hill and was previously known as InVMA. It employs around 20 staff at its Chesterfield headquarters and has recently opened an office in North Carolina. Konektio plans to use new funding to further develop the product, expand its sales and marketing team, and create several new highly-skilled roles at its headquarters. The company aims to grow sales in international markets and accelerate its international expansion. Financial details reported include a £2.1 million raise in December 2021 to support these initiatives. InVMA designs, builds and supports secure solutions that link connected devices to customers' systems, aiming to deliver real business value and competitive advantage. Its core offering focuses on IoT enablement to create new revenue streams, enhance customer satisfaction and improve operational efficiency. Since Tern's initial investment, InVMA has secured new customers in OEM, Oil and Gas, Asset Rental and Software markets, contributing to a significant expansion of its delivery capability in the UK. Tern Plc has provided repeated funding support and, after a further £125,000 investment, has invested £375,000 in total. The partnership with Tern has, according to InVMA's managing director, helped the company significantly improve growth rates and stay ahead of competitors. The current funding arrangement allows Tern to maintain a 50% stake but states that if InVMA meets certain sales milestones and no further payments are made, Tern's holding would decrease to 18.75%. InVMA develops solutions that connect ‘things’ to customers' systems to drive real business value and competitive advantage in the IoT space. The company focuses on building secure applications on a robust, scalable platform to support connected products and connected operations. InVMA is described as a key strategic partner for Device Authority, and Tern expects synergies from adding InVMA to its portfolio. Based on InVMA's statutory accounts for the 15 months ended 31 October 2016, the company had net liabilities of £29,183 and reported a profit of £114,772 after a write back of losses/costs related to transactions with related parties. For the year to 31 October 2017, Tern expects InVMA to achieve contracted sales order bookings of at least £750,000. The management team is led by Pat Nash and intends to remain focused on core objectives while growing with Tern's financial and strategic support.

Total raised

$3M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2022