IN THE MEDIA – AUSTRALIAN FINANCIAL REVIEW: Canopy Tools Group closes $21m pre-IPO round

Canopy Tools has firmly landed in next year’s initial public offering pipeline.

 

BRISBANE, Australia.  February 10, 2021. 

The software and data company has just closed a $21 million pre-IPO fundraising round with help from broker Shaw and Partners, in advance of a float in 2022

The company has two core products; Canopy Manage and Stratus.

Canopy Manage is a software product used to discover, manage and control Internet of Things (IoT) devices and cloud computing systems, and is used by defence and healthcare industries, amongst others.

IoT devices refer to any physical object that collects data and is connected to the internet. For example, Canopy Manage might be used by a cruise liner to link all its IoT devices in order to track passenger health and location as they move throughout the ship and in port.

Stratus is a secure private cloud platform with data centre presence in four countries and is used to run cloud applications and securely store IoT data. The platform operates services across an array of industries including resources, transport, education and health.

Funds raised in the pre-IPO round will be initially used to pay down existing debt, introduce new software products and then help finance the company’s entrance into the US market. Canopy wants to establish a presence in the US and plans to do so by acquiring a US IoT company in the second half of this year.

Canopy Tools operates globally, with offices in Australia, Singapore, and the UK.

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