//This article originally appeared in Bosch Presse //
Developing IoT malfunction prevention capabilities
• Robert Bosch Venture Capital joins State of Mind Ventures (SOMV) and North First Ventures (N1V)
• RBVC Managing Director Dr. Ingo Ramesohl: “Veego’s innovative technology is a game-changer for customer service and IoT device manufacturers”
• Veego automatically detects, analyzes and repairs malfunctions in the smart home
Tel Aviv, Israel – Robert Bosch Venture Capital GmbH (RBVC), the corporate venture capital company of the Bosch Group, has completed an investment in Veego’s seed round. SOMV is leading the USD 5 million round that also includes participation by N1V. Veego develops breakthrough technology for eliminating malfunctions in the connected home and Internet of Things (IoT) environments. It aims to be the market leader in IoT support and troubleshooting, a multi billion dollar market, providing agnostic visibility into IoT networks and connected devices. “We see the market for IoT support in the connected home growing considerably over the next several years”, says Dr. Ingo Ramesohl, Managing Director of RBVC. “Veego’s innovative technology can be a game-changer for customer service and IoT device manufacturers.”
Challenges of supporting IoT and connected homes
Internet service providers (ISPs), smart-hub providers and smart-home device manufacturers incur high service costs yet experience low customer satisfaction.
Support calls are too frequent and lengthy due to lack of visibility into device and system functions, and the absence of pre-emptive malfunction remediation.
“With so many devices from so many manufactures pouring into the smart home and the lack of proven interoperability standards, customers are overwhelmed by the complexity in setting up and monitoring the performance of their smart home environment,” states Amir Kotler, CEO of Veego. “When something malfunctions or stops performing properly, they are more often than not, unable to pinpoint the root cause of the problem. Thus they must endure exasperating support sessions with service technicians who lack sufficient information for rapid and proper resolution of the issues.”
Veego automatically detects, analyzes and repairs malfunctions in the smart home even before customers become aware of them. Thus service calls, and support sessions can be shortened or altogether eliminated, saving money for service centers, and boosting customer satisfaction.
A strong team with a proven track record
“In addition to the exciting technology and products that Veego is bringing to this exploding market, RVBC was attracted by the company’s impressive management team,” declares Ramesohl. “It’s people who make the difference and we like what we see in terms of company leadership.”
Amir Kotler is a a seasoned manager of both start-ups and established enterprises. He brings an established track record of turning small ventures into multi-million-dollar enterprises. An evangelist of the smart-device ecosystem, CTO Denis Sirov is a pioneering developer and researcher with years of experience and expertise in the development of edge devices, reverse engineering and performance research. Reffael Caspi, a veteran of several successful startups, is an experienced R&D executive and entrepreneur who has developed highly scalable cloud, mobile and IoT-analytics products.