Semtech Announces Investment in myDevices For Commercialization of IoT Applications
Investment to accelerate user-friendly platform for connecting and monitoring of LoRa-technology-based sensors in LPWANs
CAMARILLO, Calif., Jan. 05, 2017 (GLOBE NEWSWIRE) -- Semtech Corporation (Nasdaq:SMTC), a leading supplier of analog and mixed-signal semiconductors, today announced that it has completed the investment of approximately $3 million in myDevices, an Internet of Things (IoT) solutions company that "simplifies the connected world."
myDevices intends to use the proceeds from this Series A funding to advance the functionality of its Cayenne™ platform. Semtech and myDevices will collaborate to accelerate the prototyping and commercialization of smart IoT applications by providing a user-friendly platform to developers and organizations that connect sensors enabled by Semtech's LoRa technology to private and public low power, wide area networks (LPWANs).
"The investment comes on the heels of myDevices' one-year anniversary of launching our Cayenne IoT Project Builder and achieving the milestone of acquiring a community of over 120,000 developers," said Kevin Bromber, CEO of myDevices. "With this partnership, Semtech and myDevices provides LoRa sensor manufacturers and LoRa network providers with the ability to bundle Cayenne for
free with their product or service."
"During the last 18 months, the global deployment of LoRaWAN™-based networks has been proceeding at a rapid pace," said Marc Pegulu, Vice President and General Manager of Semtech's Wireless and Sensing Products Group. "In turn, the number of IoT applications being designed and prototyped is also accelerating and the need for a solution to connect sensors using LoRa® technology quickly and easily is paramount. The Cayenne platform from myDevices provides a user-friendly solution for IoT companies that want to connect sensors and data intelligently."
Supporting the LoRaWAN specification, the myDevices Cayenne software is being used in current and planned deployments of smart IoT applications and networks by the LoRa Alliance™ ecosystem.
myDevices, an IoT solutions
company, is the creator of Cayenne, the world's first drag-and-drop IoT Project Builder, which enables customers to bring their IoT projects from prototype to mass production. The company also hosts a vibrant online community of IoT developers where users collaborate and share information. myDevices' connectivity and device-agnostic technology empowers engineers and enterprise partners to easily develop and deploy IoT solutions into their existing infrastructure and business. myDevices is headquartered in Los Angeles, CA. For more information please visit www.myDevices.com.
Semtech Corporation is a leading supplier of analog and mixed-signal semiconductors for high-end consumer, enterprise computing, communications, and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the Nasdaq Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.
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All statements contained herein that are not statements of historical fact, including statements that use the words "intends," "will," "planned" or other similar words or expressions, that describe Semtech Corporation's or its management's future plans, objectives or goals are "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech Corporation
to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors are further addressed in Semtech Corporation's annual and quarterly reports, and in other documents or reports, filed with the Securities and Exchange Commission (www.sec.gov) including, without limitation, information under the captions "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors." Semtech Corporation assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise
after the date of this release, except as required by law.
Semtech, the Semtech logo, LoRa and LoRaWAN are registered trademarks or service marks of Semtech Corporation and/or its affiliates.
Ronda Grech, 805-480-2193
Jake White, 310-702-4955
Sandy Harrison, 805-480-2004
Source: Semtech Corporation
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