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Afero announced a $50 million Series C on December 8, 2021, led by Crosspoint Capital Partners, with The Home Depot participating. The company said the investment would support growth and expand its secure Internet of Things (IoT) platform. Neither the investment terms nor Afero’s valuation were disclosed.
Who invested in Afero?
Crosspoint Capital Partners announced that it led the $50 million Series C investment; The Home Depot also participated. The announcement did not break out how much each investor contributed or disclose other transaction terms. Crosspoint Capital’s announcement described the funding as support for Afero’s next stage of growth and platform expansion.
What does Afero’s IoT platform do?
Afero provides an IoT Platform as a Service, or PaaS: a combination of technology and services that lets manufacturers connect and manage products. Afero co-founder and CEO Joe Britt described the platform as spanning supply-chain security, device attestation and authentication, connectivity independent of a particular transport, embedded firmware, a mobile-app software development kit (SDK), and a scalable, portable cloud service. He said customers used it in product categories ranging from smart-home devices to COVID-19 tests. Britt’s account of the investment
Crosspoint Capital’s managing partner characterized Afero as an end-to-end platform for connected-device development, cloud management, and mobile-app control, with security built into the architecture. That is the investor’s description, not a published independent security assessment or comparative test.
#1 Best Overall
- Dual-Core Performance Up to 240 MHz: Run sensor processing, wireless communication, automation logic and connected-device tasks on a 32-bit dual-core ESP32 platform designed for responsive embedded and IoT projects
- Built-in Wi-Fi and Bluetooth 4.2: Connect to 2.4 GHz Wi-Fi networks or use Bluetooth Classic and BLE for wireless sensors, smart devices, remote controls, home automation and other connected projects
- Flexible Power-Saving Modes: ESP32 power-management features support dynamic clock scaling and low-power operating modes, helping developers reduce energy use in compatible sensing, monitoring and connected-device applications, suitable for battery-powered Internet of Things (IoT) devices.
- USB-C Programming with CP2102: Connect through USB-C for power, sketch uploads and serial monitoring, while GPIO, UART, SPI and I2C interfaces support sensors, displays, motor drivers and other modules (USB-C cable not included)
- Over-the-Air Update Support: Configure OTA functionality through a compatible ESP-32 software framework to update deployed firmware over Wi-Fi without reconnecting the board by USB for every revision
Why did Afero raise the money?
The stated purpose was to accelerate growth and extend the platform. Britt said Afero intended to expand the offering across product categories. A contemporaneous TechCrunch report said the company planned to invest in hiring and go-to-market efforts. These statements describe the intended use and rationale; the announcement did not provide a detailed spending plan.
What is the connection between Afero and Home Depot?
The Home Depot participated in the 2021 Series C, and Afero’s technology was associated with Home Depot’s Hubspace smart-home line. In a separate 2022 account, Afero said Home Depot Ventures invested after the companies developed the Hubspace ecosystem. That later investment is distinct from the 2021 Series C and should not be treated as a disclosed term of that round. Afero’s 2022 account
Rank #2
- Certified & Future-Ready: Espressif-certified ESP32-WROOM-32E ensures full hardware compatibility and lifetime firmware support. Upgraded 8MB Flash handles IoT data and OTA updates.
- Dual-Core Speed: 240MHz dual-core processor runs Wi-Fi/BLE and sensors 2x faster. 38 GPIO pins (10 RTC) support SPI/I2C/UART for LCDs, motors, and industrial sensors.
- Plug & Play Dev: USB-C driver pre-installed: upload code instantly on Windows/Mac/Linux. Works with Arduino IDE, MicroPython, and Espressif IDF.
- All-Environment Ready: Run Wi-Fi smart switches (Home Assistant) and BLE tracking on one board. Industrial-grade stability (-40°C~85°C) for outdoor/automated systems.
- Advantages: The ESP32 development board offers high performance, low power consumption, and rich wireless connectivity, making it suitable for developers of all levels, especially beginners.
What the funding announcement did—and did not—establish
- Established: the announced amount was $50 million; Crosspoint Capital led the Series C, and The Home Depot participated.
- Not disclosed: valuation, investment split, or other transaction terms.
- Deployment count at the time: TechCrunch reported that Britt declined to give a specific number of devices in market, so a 2021 deployment figure should not be inferred.
In January 2026, Afero said its technology powered millions of devices across 200 product categories from more than 50 manufacturers in an announcement about its collaboration with Texas Instruments. Those are Afero’s later, company-reported figures—not independently verified numbers and not a measure of Afero’s scale at the time of the 2021 financing. Afero’s Texas Instruments announcement
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Quick Recap
Best Value
- D1 Mini NodeMCU Type-C ESP32 WLAN WiFi Bluetooth IoT Development Board 5V Compatible for Arduino
- Designed with ultra-low power technology, it offers the full range of performance and features of the ESP32 chip. The pin arrangement provides compatibility with the modules developed for the D1 Mini ESP8266 while also offering fast WLAN, enhanced GPIO, Bluetooth functionality, and with its higher performance, a wider range of applications.
- 100% compatible with Arudino IDE, Lua and Micropython, it shows robustness, versatility, and reliability in a wide variety of applications and power scenarios.
- All I/O pins have interrupt, PWM, I2C and one-wire capability, except the pin DO.
- Designed with ultra-low power technology, it offers the full range of performance and features of the ESP32 chip. The pin arrangement provides compatibility with the modules developed for the D1 Mini ESP8266 while also offering fast WLAN, enhanced GPIO, Bluetooth functionality, and with its higher performance, a wider range of applications.
Rank #4
- 2.4GHz Dual Mode WiFi + Bluetooth Development Board
- Support LWIP protocol, Freertos
- SupportThree Modes: AP, STA, and AP+STA
- Ultra-Low power consumption, Compatible with Arduino IDE
- ESP32 is a safe, reliable, and scalable to a variety of applications
Rank #3
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