Balena Limited

Balena Limited is a provider of an IoT device management platform, facilitating the deployment, monitoring, and management of connected devices across various industries. Balena Inc. was founded in 2013 in Athens, Greece, providing solutions for IoT device management. The company has undergone strategic growth and funding, with a significant pivot towards expanding IoT capabilities.

The firm was established by David Roubach, Gualtiero Galimberti, Katie Lythgo, and Pagan Gazzard. Currently, Chris Crocker-White serves as the CEO. In January 2026, Balena Limited raised an undisclosed amount of growth capital funding from LoneTree Capital. The total amount raised by the company is also USD 14.

4 mn, with a recorded total of 6 deals. Balena's primary offering is a comprehensive IoT device management platform designed to streamline the deployment, monitoring, and management of connected devices. This platform supports over 80 device types and includes a Custom Device Support program for devices not on the compatibility list. Key functionalities encompass hardware-level security, regulatory compliance, and a robust API for automating device management tasks.

End users span multiple industries including technology, agriculture, and manufacturing, with notable clients such as Bosch, Meow Wolf, and Sight Machine, who utilize the platform to manage fleets of devices efficiently. The products are designed to facilitate global deployment, providing capabilities for remote software updates and fleet management, thus enabling organizations to maintain operational efficiency across various geographical markets worldwide. The revenue model for Balena is structured around subscription-based services, allowing businesses to engage with their platform through tiered pricing plans suited to their specific needs. Clients typically enter into agreements for ongoing access to Balena's software and support services, which include features for fleet management and over-the-air (OTA) updates.

The pricing framework is tailored to accommodate varying scales of operations, enabling businesses to choose plans that reflect their device management requirements. Balena's services are particularly appealing to B2B clients looking for reliable solutions in IoT device management, ensuring a steady revenue stream as organizations implement and expand their IoT strategies. In January 2026, Balena Limited raised an undisclosed amount of growth capital funding from LoneTree Capital. The company plans to utilize this funding to enhance product development for edge artificial intelligence and security, and to build resources for customer support and global operations.

Balena aims to expand its market presence into Europe and Asia by 2025, targeting businesses that require scalable IoT solutions. The recent funding will support the development of new features and a broader market outreach, facilitating the growth of their client base globally.