Robert Bosch Venture Capital invests in Veego Software
Robert Bosch Venture Capital (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 technology for eliminating malfunctions in the connected home and 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 Ingo Ramesohl, Managing Director of RBVC. “Veego’s innovative technology can be a game-changer for customer service and IoT device manufacturers.”
Internet service providers, 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. 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.
“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.”