Asimmetric secures funding from top Silicon Valley hardware and IoT investors
San Francisco — Apr. 8, 2016 — Enterprise Wi-Fi monitoring startup, Asimmetric, has closed a funding round with leading Silicon Valley investors.
The investment was led by Avidan Ross' Root Ventures, an early-stage venture fund focused on hardware, logistics and manufacturing, and engineering design. Ross, who will join the company’s Board of Directors, says, "Having spent part of my career in IT management, I only regret that Asimmetric didn't exist when my team fielded trouble tickets. As Wi-Fi becomes more critical to businesses, we believe Asimmetric will become an essential tool for IT managers."
"One year ago my co-founders and I were hand-assembling our devices in a basement in Cape Town," says Asimmetric’s David Wilson. "Now we have teams in South Africa and San Francisco, our devices are being used on three continents and we are backed by some of the best hardware and IoT investors in the world."
Asimmetric's new investors include Bolt and Haystack. Bolt is a venture capital firm that invests exclusively in early stage companies at the intersection of hardware and software. Bolt's team has shipped tens of millions of units of over 100 different products and made investments in companies like Desktop Metal, Tempo Automation, and Petnet. Haystack, founded by Semil Shah, has invested in over 70 companies, including Instacart, Doordash and Giphy. In addition, Asimmetric’s existing angel investors increased their investment in the company.
The announcement comes just months after Asimmetric became the first South African startup accepted into Highway1, the leading hardware accelerator program based in San Francisco.
Fouad Zreik, co-founder of Asimmetric says, "We will use the funds to launch the next generation of our products, expand our engineering team in Cape Town and grow our commercial office in San Francisco."
"We've come a long way, but this is still the beginning of our journey," adds Wilson. "We believe the Internet is the most important technology of our lifetime, and we want to make it better for everyone."
Asimmetric’s technology helps IT and networking professionals understand and improve the Internet quality they provide to their users. Founded in 2014, Asimmetric has attracted investment from leading hardware and IoT investors as well as international telecoms industry leaders. Asimmetric is based in San Francisco and Cape Town, and is hiring top engineers and sales professionals to help make the Internet better.