Marlborough technology company Wyebot has closed on $8 million in Series A funding to meet what the company says is expanding market demands for its services.
The company, which creates AI-driven sensors to secure WiFi networks, received most of its funding from Stage 1 Ventures, as well as additional funding from its existing investors Tectonic Ventures, Innospark Ventures and Launch Capital, according to a press release Thursday morning.
The company did not disclose how much of the raised $8 million came from each venture.
“We will continue to lead this market transformation and deliver innovative solutions to ensure business continuity for our customers,” said Roger Sands, the CEO of Wyebot, in a press release announcing the funding.
The funding is intended to commercialize the company’s wireless intelligence platform, or WIP, which using AI is able automatically provides problem identification to clients’ WiFi networks. Wyebot supplies its services to companies and organizations in fields such as manufacturing, education, and health care.
The investment marks another sign of growth within the Marlborough-based company. Just prior to the coronavirus pandemic, the company said it had added more than 200 customers in the previous year and increased bookings by 450% over the same time frame.
