Crosspoint Capital Partners, a private equity firm focused on cybersecurity, privacy and infrastructure software markets, has led a $50 million series C investment in Afero. The Home Depot participated in the investment round.
Afero is a provider of turnkey Internet of Things platform-as-a-service services to bring connectivity to IoT devices. Afero’s platform enables secure device connectivity from manufacturing to consumer use. The firm’s software enables secure communication across devices including smart home applications.
“We’re excited to support Afero at a critical point in the Company’s growth given the profound market demand for connected devices,” said Dr. Hugh Thompson, managing partner of Crosspoint Capital. “Afero offers a purpose-built end-to-end platform that allows developers to quickly and elegantly deploy connectivity, cloud-based management and mobile app control with security at the core of their architecture.”
“The Home Depot’s partnership with Afero has allowed us to provide a reliable smart home solution to our customers,” said Jim Hovis, SVP of merchandising, building materials at The Home Depot. “We’ve worked closely with Afero to bring new innovations leveraging the Hubspace platform and we look forward to our enhanced partnership.”