Skyresponse raises SEK 9.2M in new investment funding to fuel its cloud-based alarm system business.

Skyresponse, a Stockholm, Sweden-based supplier of solutions for distribution and management of alarms and events generated by connected devices, announced securing a SEK 9.2M ($1.2M) capital infusion in the company.

The money comes from its existing investors, including Thomas Ivarson, Lars Wahlström, Fredrik Adolfsson, Louis Hedberg and Jorma Mobrin, as a combination of a fully subscribed share issue (SEK 7M - $870k) as well as growth and convertible loans from Almi Nord (Almi Invest) and Norrlandsfonden.

The new funding expands the company’s delivery capacity and help drive the company’s growth in Sweden and internationally.

Skyresponse, founded in 2007 as Skygd AB and led by CEO Martin Reidevall, has developed a cloud-based solution for alarm and event handling. The company has grown from managing around 6,500 alarms per month to today handling around 400,000 IoT alarms per month while working with more than 200 companies and organizations.

In 2016, Skyresponse accounted SEK 6.2M in sales and lost 5.8M. At the beginning of 2017, the company raised SEK 9M.