eSIM operator says funds will enable it to meet strong demand following several high-value deals

Truphone has received investments totalling £54 million that will help it to scale operations and meet strong demand for its eSIM solutions.

The cash injection took the form of an £18 million rights issue, plus a further conditional £36 million, valuing Truphone at £386 million in total. The U.K.-based company said in a statement on Monday that it has access to "significant additional funds" from its current owners that would support a further ramp-up in scale.

"This investment is particularly important because it is testament not just to our investors’ confidence in our ambitions, but pride in our accomplishments and enthusiasm to see more of what we can do," said Truphone CEO Ralph Steffens.

Truphone’s eSIM technology is used in Apple’s iPads, and in September the companies extended their partnership to include the latter’s new iPhone range, the iPhone Xs, iPhone Xs Max, and iPhone XR.

Truphone also announced a deal in September with Synopsys to provide the IoT module specialist secure, over-the-air provisioning and operating system updates.

The U.K.-based company, which counts Apple and IoT chip maker Synopsys among its growing customer base, said it has access to "significant additional funds" from its current owners in order to support a further ramp-up.

"The appetite for our technology has been enormous and we are thrilled that our investors have given us the opportunity to accelerate and scale these groundbreaking products to market," Steffens said.