Bosch invests in Israeli AI IoT start-up Veego
May 30, 2019
Israeli start-up Veego, a developer of artificial intelligence for eliminating malfunctions in IoT products, has completed its seed funding with the addition of the venture arm of the Bosch Group.
Robert Bosch Venture Capital (RBVC) joins State of Mind Ventures (SoMV) and North First Ventures (N1V) to enable Veego to deliver products to the rapidly growing connected-home industry.
"We welcome our newest strategic partner, RBVC, who, along with our original investors, SoMV and N1V, endow us with the financial and strategic backing and trust to create a major disruption in the support of the complex IoT ecosystem in millions of connected homes," said Veego CEO Amir Kotler.
Veego says it puts an end to malfunctions in smart homes. Its AI technology deploys on smart hubs, routers and IoT devices, automatically detecting, analysing and repairing connected-home device and system problems before users notice them.
"We see the market for IoT support in the connected home growing considerably over the next several years,” said RBVC managing director Ingo Ramesohl. “Veego is producing innovative AI technology that can be a game-changer for customer service and IoT device manufacturers."
Veego is ready to deliver its autonomous malfunction detection, analysis and repair technology to internet service providers and smart-hub manufacturers this summer. It is also developing technologies that will be embedded in smart devices, enabling breakthrough visibility into IoT device performance.
"We are proud to be the first seed investor in Veego's very promising technology and products," said Pinhas Buchris, general partner of SoMV. "We expect the company to quickly conquer markets in North America and Europe."
Across the entire connected-home ecosystem, Veego delivers device and network-performance information to service teams, developers and integrators. It automatically solves connected-home problems such as hardware and software, configuration and setup, complex integration, load on devices and networks, and environmental effects.
"We can easily understand the desire of RBVC to join us in this venture,” said Ronen Smooha, co-founder and managing partner of N1V. “The power of these three investors will surely allow Veego to achieve its product and marketing goals over the next 12 months and position the company for success."
Veego was founded by Amir Kotler, Denis Sirov and Reffael Caspi.