Robert Bosch Venture Capital invests in Veego Software

Tel Aviv, Israel – Robert Bosch Venture Capital GmbH (RBVC), the corporate venture capital company of the Bosch Group, has completed an investment in Veego’s seed round. SOMV is leading the USD 5 million round that also includes participation by N1V. Veego develops breakthrough technology for eliminating malfunctions in the connected home and Internet of Things (IoT) environments. It aims to be the market leader in IoT support and troubleshooting, a multi billion dollar market, providing agnostic visibility into IoT networks and connected devices. “We see the market for IoT support in the connected home growing considerably over the next several years”, says Dr. Ingo Ramesohl, Managing Director of RBVC. “Veego’s innovative technology can be a game-changer for customer service and IoT device manufacturers.”

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Veego Team

Veego Software

Challenges of supporting IoT and connected homes

Internet service providers (ISPs), smart-hub providers and smart-home device manufacturers incur high service costs yet experience low customer satisfaction.
Support calls are too frequent and lengthy due to lack of visibility into device and system functions, and the absence of pre-emptive malfunction remediation.

“With so many devices from so many manufactures pouring into the smart home and the lack of proven interoperability standards, customers are overwhelmed by the complexity in setting up and monitoring the performance of their smart home environment,” states Amir Kotler, CEO of Veego. “When something malfunctions or stops performing properly, they are more often than not, unable to pinpoint the root cause of the problem. Thus they must endure exasperating support sessions with service technicians who lack sufficient information for rapid and proper resolution of the issues.”

Veego automatically detects, analyzes and repairs malfunctions in the smart home even before customers become aware of them. Thus service calls, and support sessions can be shortened or altogether eliminated, saving money for service centers, and boosting customer satisfaction.

A strong team with a proven track record

“In addition to the exciting technology and products that Veego is bringing to this exploding market, RVBC was attracted by the company’s impressive management team,” declares Ramesohl. “It’s people who make the difference and we like what we see in terms of company leadership.”

Amir Kotler is a a seasoned manager of both start-ups and established enterprises. He brings an established track record of turning small ventures into multi-million-dollar enterprises. An evangelist of the smart-device ecosystem, CTO Denis Sirov is a pioneering developer and researcher with years of experience and expertise in the development of edge devices, reverse engineering and performance research. Reffael Caspi, a veteran of several successful startups, is an experienced R&D executive and entrepreneur who has developed highly scalable cloud, mobile and IoT-analytics products.

Basic information

Robert Bosch Venture Capital GmbH (RBVC) is the corporate venture capital company of the Bosch Group, a leading global supplier of technology and services. RBVC invests worldwide in innovative start-up companies at all stages of their development. Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all, automation and electrification, energy efficiency, enabling technologies, and healthcare systems. RBVC also invests in services and business models that are relevant to the above-mentioned areas of business. Furthermore, RBVC enables co-innovation between Bosch and startup through the Open Bosch Program.

Additional information is available at www.rbvc.com

About Veego
Things break. And billions of connected IoT devices break a lot. And for many reasons.
Across the entire connected-home ecosystem, Veego delivers device and network-performance information to service teams, developers and integrators. We automatically an agnostically solve connected-home problems such as hardware and software, configuration and setup, complex integration, device and network load and environmental effects. Veego autonomously detects, analyzes and repairs malfunctions even before customers encounter them.The breakthrough technology converts Iot-device support from a costly, lengthy and frustrating encounter into a true game-changer that boosts the reputations of ISPs, smart hub providers and smart-home device manufacturers while cutting support costs and enhancing customer satisfaction with the complex connected home. www.veego.io

The Bosch Group is a leading global supplier of technology and services. It employs roughly 421,000 associates worldwide (as of December 31, 2022). The company generated sales of 88.2 billion euros in 2022. Its operations are divided into four business sectors: Mobility, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading IoT provider, Bosch offers innovative solutions for smart homes, Industry 4.0, and connected mobility. Bosch is pursuing a vision of mobility that is sustainable, safe, and exciting. It uses its expertise in sensor technology, software, and services, as well as its own IoT cloud, to offer its customers connected, cross-domain solutions from a single source. The Bosch Group’s strategic objective is to facilitate connected living with products and solutions that either contain artificial intelligence (AI) or have been developed or manufactured with its help. Bosch improves quality of life worldwide with products and services that are innovative and spark enthusiasm. In short, Bosch creates technology that is “Invented for life.” The Bosch Group comprises Robert Bosch GmbH and its roughly 470 subsidiary and regional companies in over 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. With its more than 400 locations worldwide, the Bosch Group has been carbon neutral since the first quarter of 2020. The basis for the company’s future growth is its innovative strength. At 136 locations across the globe, Bosch employs some 85,500 associates in research and development, of which nearly 44,000 are software engineers.

Additional information is available online at www.bosch.com, www.iot.bosch.com, www.bosch-press.com, www.twitter.com/BoschPress.

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