Where GoPro’s connected cameras may be shortsighted, Aria Systems wants businesses to succeed in monetizing the device data behind the Internet of Things (IoT). A fresh $50 million in funding boosts Aria Systems, Inc.‘s cloud-based platform to this end, raising a round from existing investors Bain Capital Ventures, Hummer Winblad Venture Partners, InterWest Partners and Venrock. New investors Rembrandt Ventures and Madison Bay Capital Partners also joined the round, and additional strategic investment was provided by VMware, Inc.

Founded in 2003, Aria Systems’s core offering comprises subscription billing solutions to the enterprise, but Co-Founder Brendan O’Brien explains the company is so much more than that. Identifying new subscription opportunities is Aria System’s true value proposition, and this newest round of funding should enable the company to expand intelligence tools adjacent to recurring payment services in new global markets.

“IoT is about the ubiquity of a bunch of things that have been around for a while. Devices make the data more accessible, and therefore more commoditizable,” said O’Brien in an interview.

O’Brien sees data exhaust from countless connected devices as a business proposition, citing device makers like GoPro and FitBit as missed opportunities in the data-driven service industry. For Aria Systems, the belief is that the device itself won’t last as a competitive revenue stream, whereas a network of services around that device’s datalog will.

Agile and automated

We’ve entered the era of actionable data, serving dual purpose at Aria Systems. To extend such agility to the enterprise, Aria Systems promises agility for customers. That means removing the layer of engineering an enterprise company would typically employ to customize software and run analytics on the transactional data underlying its subscriptions (Aria claims to have processed some 200 million financial transactions in 2015 alone).  It’s the type of automation that requires some agility on the part of Aria Systems as well, where its own teams of engineers will do the work. Software flexibility comes in the form of Aria’s Workflow Engine, exposing the gradient of services for any business to customize.

O’Brien preaches the perks of IoT monetization, determined to convert stagnant business models that stop short at the tangible product cycle. Device data delivers customer insight he expects will breed personalized subscription experiences.

Among the examples of IoT monetization is the story of an industrial generator maker that’s built a service model around power usage analytics. Healthcare is another market ripe for IoT monetization, where care providers can sell packages for remote monitoring, consultations and custom solutions for related verticals like nutrition and fitness plans.

The path to Aria Systems’ own success is enabling businesses to achieve recurring revenue streams through IoT monetization sooner than competitors. The ubiquity of IoT data makes it easier for one business, but also for its rivals. “We’re in the age where speed is the new black,” O’Brien says, reiterating that “getting to market fast is key.”

Aria Systems is ultimately looking to build an imagination engine for businesses to model infinite scenarios upon which to base their decisions, powering dynamic pricing models and targeted advertising needed to capture every possible user interaction in hopes of selling a subscription service. If we thought Facebook introduced a buffet of passively aggregated market research, wait until the Internet of Things realizes its potential for niche advertising.

Including this round, Aria Systems’ funding totals $130 million. The new round will be used for rapid global adoption of recurring revenue models – from subscription to usage based to on-demand pricing models. Aria has expanded across verticals including automotive, entertainment, medical and telecommunications.

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