Press Release

CT4 finishes expansion-focused $12.5M funding round

December 13, 2021

Anthony Macdonald, Yolanda Redrup and Kanika Sood

Dec 13, 2021 – 9.32pm

It seems like nervousness around a US tech stock selldown earlier this month wasn’t enough to deter investors from this opportunity.

IPO-hopeful CT4 (formerly known as Canopy Tools) has banked $12.5 million in its second pre-IPO funding round, adding to the $21 million it raised earlier this year.

CT4’s Canopy platform lets people control their IoT devices.

The latest raise values the business at $72.5 million - a sum it plans to increase in the IPO.

The company started out in 2009 focused on private cloud via its brand Stratus, but has since also launched an IoT data collection and control platform called Canopy, and a Microsoft 365 back-up automation tool called Cirrus, which are the growth engines of the business today.

Its Canopy tool enables people to collate data and control a range of IoT devices from headphones to drones, temperature sensors and more.

In 2021, the business generated $21.1 million in revenue. While Cirrus is its newest platform, in its first year of operation it brought in $6.7 million in revenue. CT4 CEO Craig Adams tipped that its growth would outstrip Canopy and Stratus again in 2022, for which it has forecast $38.9 million revenue.

“We think Cirrus will overtake rest of the business in 12 months or so,” Adams said.            

“But, with Canopy it could be hard to pick. IoT is maturing a lot, so there are more opportunities becoming available and there are a lot of use cases that fit the Canopy product.”

The business is based in Australia, but has a presence in New Zealand, South East Asia and the UK. It also expanded to the US this year.

CT4 had the wholesale team at Shaw and Partners on board for the pre-IPO raise.


Related Posts