Particle Industries, Inc.

Particle Industries, Inc. (particle.io) is a San Francisco-based provider of edge-to-cloud application infrastructure for intelligent devices. Its integrated IoT Platform-as-a-Service combines hardware (development kits, boards and modules such as multi-radio boards, a Gen 4 MCU and a Gen 5 5G single-board computer), universal cellular and multi-protocol connectivity, application development tooling, edge compute, over-the-air software updates, and deployment of AI/ML models, together with integrations into existing cloud platforms, application software and business intelligence systems. The Particle Device Cloud allows customers to remotely manage and interact with fleets of connected devices.

According to the company's acquirer, developers can write a single line of code to send data across any network, with cellular connectivity that automatically selects a carrier across more than 350 global cellular networks without customers managing separate SIMs or contracts. Since the platform's initial launch in 2014, more than 250,000 developers have used Particle to design, develop and deploy connected devices. Reported customer applications include remote oil and gas well monitoring, grid-interactive water heater retrofits for virtual power plant capacity, methane emissions detection, and connected spa products.

On January 27, 2026, Particle was acquired by Digi International Inc. (Nasdaq: DGII) for $50 million in cash, and is being integrated with Digi's OEM Solutions offerings inside Digi's IoT Products and Services segment. Sources differ on some company basics: Preqin and LeadIQ list a 2012 founding, Preqin reports total funding of $30 million with a December 2022 Series C led by SOSV, while LeadIQ reports $106 million raised over 17 rounds with a last round dated March 12, 2025.

Founding story

Preqin lists Philip Eytan, Shweta Gupte, Zach Supalla and Zachary Crockett as the founders of the company, founded in 2012 and headquartered in San Francisco, with Zach Supalla serving as CEO through the 2026 acquisition. No further founding narrative is available in the sources.

Business model

Subscription-based B2B sales of an integrated IoT platform. Customers pay for access to cloud-based device management tools, over-the-air software updates and connectivity, often bundled with Particle hardware, under tiered pricing plans reflecting scale and complexity of use. At the time of its acquisition Particle generated approximately $20 million in annual recurring revenue and was growing ARR at double-digit rates annually.

Recurring subscription revenue from businesses and developers using the IoT platform, with tiered pricing tied to the specific solutions and device volumes deployed; hardware devices are sold integrated with Particle's software and connectivity services.

Traction

Approximately $20 million ARR growing double digits at the time of acquisition; more than 250,000 developers using the platform since 2014 (one source cites 260,000); around 110 employees. Customer-reported outcomes include a 40% production increase and 70% reduction in service trips for an oil and gas operator, 40% ROI and 50% cost savings for a water-heater grid-interactive retrofit, and an 80% methane emissions reduction versus conventional solutions.

Latest developments

Digi International announced and completed the acquisition of Particle on January 27, 2026 for $50 million in cash funded from Digi's credit facility, with Moelis & Company as Particle's exclusive financial advisor. Particle is being folded into Digi's OEM Solutions offerings within the IoT Products and Services segment, where Digi said the addition increases that segment's ARR by over 60%. Digi's IoT Products and Services segment had reported $32 million in ARR as of the fiscal quarter ended September 30, 2025. Preceding developments include the Tachyon crowdfunding campaign (July 2024), the ByteSnap Design partnership (October 2024) and the multi-radio board line (February 2024).