France-based Sigfox, which provides wireless networks to support the Internet of Things (IoT), said on Wednesday it had secured a record $115 million round of financing from strategic and financial investors in Europe, the U.S. and Asia.
Investors include telecoms operators Telefonica, SK Telecom and NTT DOCOMO Ventures, financial investor Elliott Management Corporation, and industrial partners GDF SUEZ, Air Liquide and Eutelsat. They join existing financial investors Elaia Partners, iXO PE, Partech Ventures and Idinvest, while Bpifrance also strengthened its holding in Sigfox through its Ambition Numérique and Large Venture funds.
Sigfox specialises in building low-energy, low-cost wireless networks running on unlicensed spectrum to connect objects such as electricity meters, smart watches and washing machines, providing the infrastructure that underpins the so-called Internet of Things (IoT). The company noted that its network complements existing high-bandwidth networks and sees a clear path towards unifying them in a single network.
The company has already deployed networks in France, Spain, the United Kingdom and the Netherlands, with a U.S. rollout planned soon, and will use the new funds to accelerate its worldwide network rollout in Europe, Asia and the Americas. In the UK, for example, the company is working with infrastructure provider Arqiva, which switched on the first sites in its IoT network last December.
Sigfox claims that its network is “the most cost-effective and energy-efficient way to provide two-way connectivity to billions of objects.” It said it has been pioneering the Low-Power Wide-Area (LPWA) connectivity space since 2009 and has become a reference player in IoT.
“This record $115 million round is a significant step in the development of our network’s coverage all around the world. The trust of our investors and the dynamism of Sigfox’s team allow us to strengthen our position as the world leader in IoT communications,” said Anne Lauvergeon, the chairman of Sigfox.
The round comprises a first close of $93 million and a “greenshoe” of $22 million that will allow new strategic partners to join the share capital of Sigfox in the next few months.
