TGFS and bm|t invest seven-figure sum in Peeriot

Peeriot secures seven-figure seed financing from TGFS and bm|t for revolutionary IoT middleware

Leipzig, July 03, 2024 - TGFS Technologiegründerfonds Sachsen and bm|t beteiligungsmanagement thüringen (bm|t) have invested a seven-figure sum in the Saxon-Thuringian deep-tech software start-up Peeriot GmbH as part of a seed financing. This investment aims to fundamentally simplify IoT networking and enable innovative applications for smart IoT devices that work together in a swarm.

Our vision is to democratize IoT through decentralization and self-organization. With our middleware, we offer a new category of infrastructure software for B2B customers in the IoT space that enables self-organized IoT.

Roy Kaiser, founder of Peeriot

Goals and background

Peeriot's mission is to simplify the networking of IoT devices, thereby significantly reducing complexity and costs. Success in the IoT sector depends heavily on the ability to establish effective networks. This is where Peeriot comes in. Until now, networking has required a high degree of manual activity. Peeriot is developing middleware that enables IoT devices to exchange their data in a self-organized way. This creates intelligent swarms of devices that can work collaboratively and solve complex tasks efficiently together.

The progress already made demonstrates the innovative strength and scalability of the solution. We look forward to supporting the highly qualified Peeriot team in the successful implementation of this vision.

Sören Schuster, Managing Director TGFS

Purpose of the financing

With the new funding, Peeriot plans to significantly expand its team of software developers, drive software development forward and successfully implement initial pilot projects. Peeriot's versatile software can be used for all types of IoT devices and will be distributed via a subscription model in which customers pay per device used per year. Its applications are wide-ranging and include Industrial IoT, Smart City and Smart Infrastructure. This enables companies and municipalities to make their IoT solutions more efficient and implement innovative applications in various areas.

Support from existing investors

The investment is additionally supported by existing investors Thomas Schmidt/be-exponential GmbH and Dr. Markus Eisel. "We arevery pleased about the trust and support from TGFS, bm|t and our existing investors," says Kaiser. "With this capital, we are ideally equipped to turn our vision into reality and change the IoT world in the long term."