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IoT Developer Raises $21 Million

BRISBANE: Australian Internet of Things (IoT) software developer Canopy Tools has raised $21 million ahead of a planned float in 2022.

The funds will be used to boost growth of the company, under stewardship of CEO Craig Adams and as it pays down debt, introduces new software products, and establishes a new presence in the US via an acquisition.

Formed from a merger of software developers by Adams and CTO Dan Pearson in 2019, the Brisbane-based company currently offers two products to customers: Canopy Manage and Stratus.

Canopy Manage is a software product used to manage and control IoT devices and cloud computing systems.

Canopy boasts clients in the defence and healthcare industries, while Stratus is a private cloud platform with data centre presences in four countries.

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