Finland-based Treon, a specialist in intelligent edge products for massive IoT, has closed a €5.5m series A round to boost its expansion in the USA.

Treon has gained recognition for providing scalable IoT tailored to industrial, digital buildings and logistics clients. Its growing portfolio includes sensors, gateways, edge platform, software and services, all enabling IoT. Having established partnerships in the Dach region, Treon is now expanding its network to include the USA, Denmark and France.

Treon saw over 80% YoY revenue growth in 2022, which is projected to continue at a similar pace in 2023 and 2024. The team has also seen expansion, doubling to over 60 people within the past year, and now includes 14 nationalities, fostering a diverse and international environment. Treon’s market growth, fuelled by establishing its US office and awarding of a US patent for Treon Industrial Node 6, paves the way for expansion.

The funding round was led by Ventech, following its initial investment in Treon’s seed funding in 2019.

“With the rapid growth achieved so far, we are motivated to reach new heights and expand our market presence and product portfolio,” said Joni Korppi, CEO at Treon. “Together with our partners and with the strong support from Ventech, we are at the forefront of the massive IoT movement, enabling unprecedented efficiency through scalable and cutting-edge wireless edge technology in industrial, logistics and digital buildings.”

With this funding, Treon plans to allocate resources to bolster its sales and marketing efforts, establishing its market presence, and driving customer engagement. Additionally, the funding will be used to enhance Treon’s product portfolio and scale its organisation to sustain the growth in the years to come.

“We are truly blessed to be chosen by Treon to lead their series A funding, a significant step for its internationalisation,” said Tero Mennander, general partner at Ventech. “Our initial investment in Treon through our seed programme back in 2019 was a testament to the potential we saw in Joni and the entire team. Witnessing their remarkable growth since then has left us immensely impressed, further solidifying our strong belief in Treon’s journey to becoming a global leader in massive IoT.”

Treon (treon.fi) was founded by experts with a background in wireless communication and battery-operated devices. Its mission is to empower a connected world by enabling global industry leaders in industrial, digital buildings and logistics to build scalable IoT using sensors, gateways, platform, software and services, leveraging Treon’s Aito platform for rapid and innovative developments.