Semtech Corp. has invested about $3 million in myDevices, an internet of things solutions company.
The Camarillo semiconductor manufacturer makes LoRa sensors that work with software to link devices through the internet, creating the so-called internet of things technology. Semtech did not disclose its equity stake or other terms of the investment agreement with myDevices, which is headquartered in France but maintains a U.S. office in Calabasas.
myDevices intends to use the money to advance the functionality of its Cayenne platform, a drag-and-drop internet of things project builder that helps software developers take their products from prototype to mass production. Semtech and myDevices plan to collaborate on prototyping and commercializing internet of things applications.
“The number of internet of things applications being designed and prototyped is … accelerating and the need for a solution to connect sensors using LoRa technology quickly and easily is paramount. The Cayenne platform from myDevices provides a user-friendly solution for IoT companies that want to connect sensors and data intelligently,” Marc Pegulu, general manager of Semtech’s wireless and sensing products group, said in a statement.
The company made the announcement after market close on Thursday. Semtech (SMTC) shares closed Friday up 55 cents or 1.8 percent to $31.80 on the Nasdaq.