TEAL Hits $100M Valuation, Citing 1,032% Recurring Revenue Growth in 10-Month Period
Seattle-based startup Teal announced $10.8 million in new funding. Teal was founded by Robert Hamblet and Michael Johnston to bring programmable networking services to the Internet of Things (IoT) industry.
SEATTLE, March 29, 2022 (Newswire.com) – Seattle-based startup TEAL announced $10.8 million in new funding that values the company over $100 million. Teal was founded by Robert Hamblet and Michael Johnston to bring programmable networking services to the Internet of Things (IoT) industry. The company serves hundreds of enterprise customers within fast-growing IoT verticals, including Mobility, Healthcare, Industry 4.0, Agriculture, Defense, Robotics, and Private LTE/5G. Teal is the first IoT platform in the world to provide customers with programmable access to multiple native 5G networks and networking technologies within a single solution.
Since closing its Series A funding in April 2021, Teal has seen 1,032% recurring revenue growth and 1,815% growth in active monthly users. The company’s Series A-1 funding is an extension of its $9.2M Series A from April 2021, increasing Teal’s total funding to $20.0 million.
The company’s Series A-1 is led by StageDotO Ventures, an early-stage investment fund with offices in Seattle, Washington, and Boise, Idaho. Stormbreaker Ventures and Capital Eleven also participated in the round.
Glenn Lurie, former CEO & President of AT&T Mobility and member of Teal’s Board of Directors, shared, “Teal is the only Internet of Things (IoT) platform that allows end device users to reprogram connected devices dynamically and intelligently onto the right public or private networks. Teal’s platform is an industry game-changer for carriers, device manufacturers and operators alike, accelerating the opportunity within IoT and expanding an already massive total addressable market.”
Teal’s CEO & President, Robby Hamblet, stated: “By developing a technology that gives our customers control over which data networks they access, we’ve created a truly scalable and future-proof solution that spans a broad range of use cases and industries. Unlike legacy solutions that are constrained by a single network or network technology, Teal’s intelligent credentialing service can provide its customers with access to virtually every data network in the world through a single platform. That includes public cellular networks, private cellular networks, satellite networks, LoRaWAN networks, and network technologies that don’t even exist today. We’re just scratching the surface of what’s possible and are excited to provide our customers with real-time access to more global networks over time through value-added partnerships with Network Operators.”
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