The founders of Vocus Communications and Amcom have helped internet-of-things startup CCP raise half a million dollars.
Publicly listed CCP announced it had closed the $500,000 placement on Thursday 25 May, which was "corner-stoned" by investors James Spenceley and Tony Grist.
Spenceley founded Vocus Communications in 2007 and built it up to become one of Australia's largest telecommunications providers, acquiring Grist's Amcom on the way to a merger with M2 Group to create a giant with a multibillion-dollar market capitalisation.
Grist and Spenceley both exited Vocus last October after an unsuccessful leadership spill.
Both have now moved into the finance space: Spenceley co-founded MHOR Asset Management and Grist is director of Albion Capital Partners.
CCP's system is aimed at food safety, and provides "smart 24/7 monitoring at an affordable price for any sized business".
Its fridge monitors and temperature data logging technology provides real-time alert notifications of any irregularities or malfunctions that could affect temperature. Use cases include commercial kitchens in bars and restaurants. It costs $15 a month per monitoring point.
Spenceley said: "The internet of things space is one of the most exciting investment options in the market today and still an incredibly early stage.
"For Tony and I, it is about finding the team that has the skills and ability to prosecute the opportunity that IoT presents
"CCP has a talented team and importantly has skills in both hardware and software engineering. This separates them from most and will allow them to broaden their product range and application," Spenceley said.
Leath Nicholson, CCP chairman, said: "Having James and Tony recognise and support our exciting business opportunity reinforces our belief that we can successfully build CCP into a significant global company in the IoT sector. It will be of great benefit to know we can call upon their experience and wisdom as we journey this path together."