LONDON, May 10, 2016 /PRNewswire/ --
IoT start-up Pycom announces that Hong Kong based In-Tech Electronics is the latest investor to back its business. Pycom creates the highly disruptive IoT development boards LoPy and WiPy and as a result of the funding, is on course to close a seven figure first financing round. Since launching in January 2016, Pycom has enjoyed significant growth from the IoT development community keen to exploit its innovation and low energy triple bearer boards - the first of their kind in the world. The funding will serve to accelerate Pycom's innovation and market reach.
Pycom's, CEO and co-founder, Fred de Haro says the investment marks an important stage in Pycom's development: "Pycom is focused on reducing the cost and time to make IoT a reality for businesses. We've produced a series of fast deployment, multi-network, edge-of-network modules at a price point that makes connecting lots of individual sensors economical. As a result we now supply over 3000 developers and almost 1000 enterprises. This investment will not only drive our growth but give us access to design, manufacturing and certification knowledge that will help us to scale our supply to millions of boards per month."
In-Tech is no stranger to backing disruptive organisations as CEO and founder Albert Ho explains: "The Chinese government has launched a 'Made in China 2025' initiative to improve manufacturing competitiveness. Pycom's innovative approach to supplying intelligent and resilient IoT complements the national initiative and our own IoT strategy to scale up production and meet the demand for connected devices."
Fred de Haro adds: "Many forget that China is set to become the largest IoT market - predicted to make up 10% of all IoT installations worldwide by 2025. That brings opportunities for start-ups like us. We already have customers in 56 countries but it's critical we look to the East for partnerships to broaden our market share."
Pycom enables the invention of Things that connect to the Internet with a 10x faster deployment IoT platform comprising multi-network MicroPython-powered modules and services. http://www.pycom.io
In-Tech is one of the most well-equipped manufacturing facilities in China and offers Electronics Manufacturing Services (EMS) in the areas of automotive, medical, communications, POS, banking, marine and aerospace electronics. http://www.in-tech.com.hk