Blues Expands Fundraise to $33 Million With Additional Follow-on Funding to Accelerate Cloud-Connected Intelligent Products

$8 Million in Follow-on Funding Signals Growing Investor Confidence in IoT Adoption and Blues Momentum

BOSTON, July 8, 2025 /PRNewswire/ -- Blues, a leader in Internet of Things (IoT) connectivity solutions, today announced an $8 million follow-on funding round led by existing investor XYZ Venture Capital, on the heels of its previous $25 million raise led by Sequoia Capital in May 2025.

This latest fundraise was driven by increased investor demand after the prior round was oversubscribed, prompting the company to accelerate the timing of this next phase of capital investment. The additional capital comes at a pivotal moment for Blues, as rapid customer adoption and growing demand signal clear market need for its connectivity solutions.

The funding will be used to support the company's growth, fuel further product innovation, and enable Blues to deliver on its mission to help the world's physical product makers transform their offerings into data-driven intelligent services.

"We had more investor demand than we could accommodate in our last round, making it clear there was an opportunity to move faster," said Ian Small, CEO of Blues. "IoT adoption is accelerating across industries, from refrigeration manufacturers, logistics providers, to automotive battery vendors. For product makers of all kinds, Blues simplifies secure, seamless cloud-connectivity for physical products. This is the ideal time to expand our reach, capitalize on our unique offering, and help our customers deploy intelligent services to generate new revenue streams."

"We've been big believers in Ray Ozzie's vision and in Blues' technology for years," said Ross Fubini, Managing Partner at XYZ Venture Capital. "Watching customer trials start to turn the corner into scaled production rollouts convinced us that this was the right moment to boost our investment in Blues and support the company's increased go-to-market focus."

Blues makes it dramatically easier and more affordable to derive actionable insights from physical products, accelerating the time to market for new revenue-generating services that bring product makers into the intelligent era. Blues is driving a long-overdue platform shift by putting these capabilities within reach of every product maker, not just those with big R&D budgets.

"I founded Blues because of my deeply held belief that there's tremendous opportunity in helping every physical product become connected and intelligent," said Ray Ozzie, Founder and Executive Chair of Blues. "It's exciting to see our customers transform their own customers' experience with new, intelligent services, all made possible by Blues' tapping the data that lies within their physical products."

With $99M in funding to date and growing adoption across new and existing customers, Blues is leading the charge in solving the toughest challenges in IoT connectivity.

About Blues 

Blues is a leader in secure wireless connectivity, helping organizations to transform their physical products and businesses to be centered on data and the delivery of data-fueled intelligent services. With customers across transportation, health care, energy, and logistics in North America, Central America and Europe, Blues is on a mission to empower innovation by making cloud-connected machine intelligence possible for organizations of any size.

With Blues, customers can easily and securely provision and communicate with any physical product, anywhere, enabling new sources of revenue and new customer experiences while also reducing costs. Blues solves the biggest challenges associated with wireless connectivity, making it easy to securely cloud-connect any physical product at scale.

Thousands of organizations worldwide, from non-profits to startups to enterprises, connect their devices with Blues integrated hardware, software, and cloud services. For more information about Blues and its wireless connectivity solutions, visit blues.com, and follow Blues on LinkedIn, YouTube, Instagram, and X.

About XYZ Venture Capital
Founded by Ross Fubini in San Francisco, XYZ Venture Capital is an early-stage venture capital firm that invests in founders building in industries on the cusp of tech transformation. Known for its strength in public sector and defense technology — including companies like Anduril, Apex Space, and Chapter — the firm has grown to support category leaders across enterprise, fintech, healthcare, and climate. XYZ's hallmarks include deep relationships with founding teams, bespoke company support, continued involvement through later stages, and expertise in helping raise future rounds. More at xyz.vc.

SOURCE Blues