Rabih Nassar during an interview with Wamda. (Image via Wamda)
scriptr.io, the cloud platform for internet of things (IoT) solutions, has announced the closing of a $4 million Series A round, led by MEVP (Middle East Venture Partners), Berytech Fund and IM Capital (Insure and Match).
In a statement, Scriptr said it would use the investment to expand its operations in the US. Now headquartered in New York, with development teams in Lebanon and India, the company is planning to open a new office in San Francisco.
"IoT is expected to add $1.7 trillion to the global economy by 2020,” Scriptr founder and CEO Rabih Nassar said in a statement. “We are fueling this growth by reducing barriers to entry for companies across all industries, allowing IoT innovation to evolve and to demonstrate real business impact.”
The platform works by helping users reduce the time and resources required to develop and support IoT solutions.
"Scriptr is ripe to become one of the leading cloud computing software platforms in the IoT ecosystem, providing powerful micro-service capabilities, APIs and tools to build great IoT applications, compress the time to market and reduce the total cost to build and operate solutions," said Walid Mansour, managing partner at MEVP in a statement.
Scriptr also removes the burden of hosting infrastructure, database and application servers, libraries that integrate with third party APIs and other infrastructure deployment and management operations. Scriptr allows for easy migration from prototyping to production at scale without having to re-design or re-write the solution.
"We feel strongly about the prospects of this company and the solid team behind it. We are bullish about the prospect of the IoT transformation that will shape up our economies," Mansour said.