Articles for April 2015

Resin.io raises $3M to become the de facto infrastructure of IoT devices

Those that have been involved with the tech industry longer will remember the concept of Internet of Things in various incarnations. Anyone watching would at least sense it coming long before the term was coined.

In the 90s it was vague concepts such as ambient or ubiquitous computing and the promise of intelligence in everyday objects and living spaces. Then in the early 00s it was the internet fridge that would place orders to restock itself and sensors that warn us when we water our flowers too much.

Then all this technology consolidated and entered the mainstream though the renaissance of the smartphone in 2007 with the Apple iPhone. The tremendous success of a device that was software defined and shaped for human digits enabled everyone to see the importance of a thing that is connected to the Internet. It became clearer with the Nest thermostat, the Pebble smartwatch and Tesla improving the mileage of its cars by pushing software updates to people’s homes. Intelligent devices that are defined mostly by the software they run and the ecosystem they belong to will soon be the norm rather than noteworthy gadgets or novelties for the visionary and rich.

So now it’s time to think about infrastructure again. About the roads, the shipping ports, the fiber that binds these devices together; and this is where Resin.io fits in. Resin.io lets developers forget about the hardware on which their software runs and how they will get it there.

resin logo

For the initiated it’s as simple as git push. Resin.io will then take your code to the cloud, cross compile it for the various processors that your devices are equipped with, package it in secure and elegant linux containers and eventually deploy it to your devices over the air. That’s a lot of time shaved off your workday.

In a financing round led by DFJ , in which we are happy to participate along with angels Panos Papadopoulos and Gil Dibner, Resin has now raised $3M to pursue the multibillion device industry that IoT will become in the next few years.

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Forky raises €800k to bring delicious, quality food to your door in 15′

Food expectably is one of the greatest industries out there. At the same time, it remains one of the sectors that it has only been very little disrupted by technology. Sure, in the last couple of years alone we had Grubhub and JustEat IPOs, but what’s beyond aggregating a list of restaurants and their menus?

We have known Michalis Gkontas and Petros Pitsilis for a few years now. We were respectful of their efforts to bring something entirely new to the food industry. At the same time, however, we were not sold to the concept of collaborative economy when applied to homemade meal sharing, and had decided to pass in the past.

Everything changed late last summer. The founders realized that -no matter their great efforts- they were going nowhere with Cookisto, their previous endeavour, and delivered one of the greatest pivots we have experienced in our short journey so far.

The concept is simple. As consumers, when it comes to food and while keeping price and quality stable, our purchase decision mostly comes to convenience. And convenience actually means that you don’t spend much time to select a menu and make an order, also that you get the food in front of your door as fast as humanly possible.

Within less than a couple of months, the founders built and deployed in a small area of Athens a service that brings fast to a whole new level when it comes to food delivery. You pick upon a couple of available, quality meals every day, and you have it at your door in less than 15′.

It may sound simple, yet it is not. It takes a lot of effort to deliver a Taxibeat to pick you up within a few minutes; it takes a lot more to produce and deliver a delicious meal. Yet, when it works, it is an industry-changing experience.

Early adoption has been fantastic during autumn, and nobody can argue against solid traction numbers. In this context, we decided to lead a seed round in Forky. Along with BlueWire Capital and a number of angel investors who also participated, the round eventually reached the amount of €800k.

The company is now building the infrastructure and operations to serve most part of metropolitan Athens and become a utility of its urban lifestyle. While international competition is also taking shape, we are comfortable Forky is building a unique food company and we are happy to be partners in this journey.

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Openfund increases fund size to €15m

We are happy to announce that we recently concluded a small capital increase to our current fund, Jeremie Openfund II, raising our total amount under management from €11.7m to €15.1m. About half of our existing investors participated, along with a number of new ones. We believe this extra amount makes us better equipped to address the growing opportunities of a rapidly maturing entrepreneurial ecosystem.

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