Deutsche Telekom Invests in IoT Startup Axonize

German telecommunication company Deutsche Telekom AG has invested in internet of things (IoT) startup Axonize Ltd. as part of a $6 million funding round, Axonize announced Thursday.

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Founded in 2015, Axonize develops customizable IoT monitoring systems capable of working with a wide array of sensors for telecommunication companies. It counts Intel, Dell EMC, Microsoft and Bezeq, Israel's largest telecommunication company, among its customers. The company employs 18 people at its Tel Aviv office. Axozine intends to use the funding for research and development as well as hiring new salespeople, the company said in a statement.

The funding round was led by Tel Aviv-based venture capital firm Meron Capital Advisors Ltd. Existing investors, StageOne Ventures, an Israel-based venture fund, and New York-headquartered Cornerstone Venture Partners, also participated in the round, which brings Axonize’s total equity funding to $7.5 million.