The ABB investment leads Cassia's Series C funding to support Bluetooth technology as the leading connectivity standard for Industrial IoT. The two companies also enter long-term partnership to further strengthen strategic cooperation.
SAN JOSE, Calif., April 26, 2022 /PRNewswire/ -- Cassia Networks, Inc. a leading provider of enterprise Bluetooth IoT products and solutions, announced funding from ABB Technology Ventures, the corporate venture capital unit of ABB. The C round investment will be used to further strengthen the team at Cassia Networks, expand the company's global footprint, and accelerate the development of innovative new Bluetooth products and solutions.
The two companies have also entered a long-term strategic partnership that leverages Cassia's expertise with ABB's strengths in industrial engineering and global business development. Cassia will work closely with ABB to deliver best-in-class Bluetooth IoT products and solutions to provide customers with scalable IoT connectivity.
"We are incredibly excited to have ABB as an investor and strategic partner for Cassia Networks. ABB is a great company with deep industrial engineering expertise and global reach and is also very complementary to what we do." said Felix Zhao, CEO for Cassia Networks. "Together, this strategic partnership and investment will allow us to further develop industry leading IoT products and solutions and unlock the potential of digital transformation to drive more business impact for customers worldwide."
The product integration between ABB and its ecosystem of partners combined with Cassia will enable a total IoT solution built on performance, security, and reliability for an improved customer experience. Both companies will work closely together to make Bluetooth IoT technology the leading connectivity standard for Industrial IoT.
"We are deepening our partnership with Cassia Networks because we believe in its Bluetooth IoT technology," said Mari E. Haapala, Digital Lead, ABB Motion. "Cassia's solution has simplified the set-up of ABB Ability™ Smart Sensors in the field and is an important enabler for our digital solutions."
"The Industrial IoT ecosystem could benefit from open standardization, and that holds true for others like digital healthcare." said Claudio Jordan, Investment Principal at ABB Technology Ventures. "Cassia Networks' innovative Bluetooth-based solutions provide key differentiating features that could make that possible. We look forward to Cassia's growth and contribution to the further evolution of Industrial IoT."
For more information about Cassia's Bluetooth IoT products and solutions, visit www.cassianetworks.com.
About Cassia Networks
Cassia Networks is the leading provider of enterprise Bluetooth IoT products and solutions. Our patented technology provides the most reliable and easy to manage long-range, multiple device connectivity, edge processing and locationing for Bluetooth IoT networks. Our mission is to solve the IoT connectivity, locationing and management challenges faced by today's enterprises and make IoT easy.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the corporate venture capital unit of ABB (NYSE:ABB). ATV looks for breakthrough technology companies aligned with ABB's goal to write the future of industrial digitalization. Since its formation in 2009, ATV has deployed around $250 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, cybersecurity, electric mobility, smart buildings and distributed energy.
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SOURCE Cassia Networks