Last week TMT Investments, a UK-headquartered venture fund backed by Russian businessmen, announced the completion of a $250,000 investment in Palo-Alto headquartered Weaved in exchange for a 2.69% stake in the company’s capital.
Weaved’s mission is “to become the ‘DNS’ for the Internet of Everything”. To that end, it is developing software and services that allow devices to be securely connected via the web.
The startup has already helped Philips, Lorex and Astak develop wifi cameras, and partnered with Cisco to produce a networked attached storage system.
Weaved had previously raised $1.8 million from CrunchFund, Core Ventures Group, Zenshin Capital and Big Basin Partners.
“This is our first investment in the Internet of Things. We believe that it is a very promising sector in the US, and this team has a lot of experience and knowhow,” said Artem Inyutin, head of investment at TMT Investments.
In April of this year it was announced that Weaved had received investment from the Russian venture fund Maxfield Capital. The value of this investment was not disclosed.
TMT, which is listed on the London Stock Exchange, has raised $28 million since its inception in 2010. Its portfolio includes more than 30 startups from the USA, Russia and other countries.
The fund’s latest investment, last month, went to Whale Path, another Californian startup that offers an on-demand business research platform for companies.
