Optio3 CEO Sridhar Chandrashekar. (Photo via Optio3)
Seattle startup Optio3 has raised $2.5 million for its enterprise IoT management software that helps real estate and transportation companies gain insights into their connected devices.
The funding came from angel investors and McKinstry, the construction company that also uses Optio3 to monitor building systems.
Founded in 2016 by former Microsoft and ServiceNow engineers, Optio3 provides visibility, management, analytics, and more to companies that use an array of IoT devices — everything from security cameras to card-readers to HVAC systems.
The original premise of Optio3 was to take the founders’ experience building IT operations management software and apply it to the world of IoT.
“Today most CIOs and CSOs focus on managing IT,” said Optio3 CEO Sridhar Chandrashekar. “Sooner rather than later they will have to start thinking about all the non-IT connected devices in the enterprise.”
The company has a handful of clients in real estate that use the software to help improve sustainability and energy cost. It also works with customers in transportation to track vehicle-related metrics.
Optio3 is similar to Rigado, a Portland, Ore.-based commercial IoT provider that also recently raised funding. But Rigado is focused more on hardware, while Optio3 is on the software side, Chandrashekar said.
Chandrashekar founded the 15-person company with Jake Varghese and Mohan Thimmappa. Total funding is $4.5 million to date.