Denvik Technology raises investment round for global expansion: All the details

Domestic IoT solutions company Denvik Technology has raised a strategic investment round. The Chennai-based company’s investment round was led by CI Hub, a firm that invests growth capital in Indian companies to help them accelerate their global expansion. The investment will be used by Denvik to expand its customer base for Industrial IoT solutions further in Europe and the MENA region (Middle East, North Africa). The company will also use the funds to scale its team and accelerate market adoption of its latest IoT-driven smart solution for the global poultry farming market.

Prospects of the IoT solutions market
The market for IoT solutions is expected to grow rapidly over the next decade. The global IoT market is projected to grow from $478.36 billion in 2022 to USD 2,465.26 billion by 2029 at a staggering CAGR of 26.5%.