Apkudo, which helps companies manage connected devices, announced it received $37.5 million in Series C funding.
The Maryland-based company uses automation to increase supply chain efficiency and transparency for connected devices and improve repair, resale and recycling markets.
Both new and existing investors participated in an oversubscribed round of funding that was co-led by Closed Loop Partners’ Leadership Fund and Piper Sandler Merchant Banking.The company plans to use the money to expand commercial and technical operations and its international presence.
The Apkudo Circular Industry Platform “solves for complexities in the connected device supply chain,” a press release noted, “delivering process efficiencies via a single operating system that manages the lifecycle of these devices.”
Customers include FedEx, T-Mobile and Asurion, the press release stated, and the platform uses both hardware and software to get the maximum value from resale, repair and reuse.
“Instead of relying on extensive labor, disconnected systems and limited reuse options, Apkudo provides a fully integrated diagnostic, dispositioning and marketplace solution that gives customers real-time visibility into global demand for their used devices,” according to the release.
Martin Aares, head of asset management at Closed Loop Partners, said in the press release that Apkudo’s work helps build a circular future.
“There is so much value within the connected devices already in the market today,” Aares said. “Increasing their useful life and keeping these valuable materials in circulation, and out of landfills and the environment, is a critical part of accelerating the circular economy.”
