Jasper raises $50 million with more than $1 billion valuation
Jasper has raised $50 million in funding with a valuation of over $1 billion. What is Jasper? It is an Internet of Things company, which means that it enables all types of objects to connect to software, including homes, clothes, airplane engines, and motor vehicles. This round of funding was led by Singapore-based Temasek. Jasper has raised a total of $205 million in total funding.
Jasper was founded by CEO Jahangir Mohammed in 2004 after. Mohammed previously started Kineto Wireless and worked at AT&T Bell Labs.
Mohammed came up with the idea for the company when his Mercedes had trouble during a trip to Lake Tahoe — the car’s “check engine” light turned on. He spent three hours locating and waiting for a mechanic. The car’s computer simply had to be reset because there was too much moisture in the fuel. Mohammed questioned why the car’s computer could not be fixed automatically.
Jasper started out as a mobile virtual network operator by packaging and reselling wireless capacity for carriers. Jasper ended up competing with the carriers. Their software is now used by over 1,000 companies across 20 industries and is integrated with global mobile operating groups across the globe.
Navigation device manufacturer Garmin uses Jasper to manage devices for businesses that have a fleet of trucks. Alarm.com works with Jasper to control security systems.
Jasper will be using the funding to create new services and to grow as quickly as possible.
Deep connections with mobile networks “are a key piece of the puzzle” because they make the software simpler for users, Mr. Mohammed said. The new money will be used to create new services and grow as fast as possible. The company, formerly known as Jasper Wireless, is also dropping the word “Wireless” from its name.