Sigfox, a French firm, is looking to extend its dedicated Internet of Things (IoT) network by raising at least €50 million from investors, according to Financial Times (FT).

The start-up uses UNB (ultra narrowband) radio technology based on a traditional cellular design to connect devices on unlicensed spectrum in Europe (868MHz) and the US (902MHz).

The benefits of UNB, says Sigfox, are a scalable, high-capacity network with very low energy consumption.

With the extra funding Sigfox reckons it can extend its dedicated IoT network to half the world within two to three years. Its ‘0G’ network already covers most of Europe, while a smaller network covers San Francisco.

Sigfox is making headway. The group’s largest deal, reports FT, has been with Spanish security group Securitas. It uses Sigfox’s network to connect smart home security systems.

FT says Sigfox raised $20.6 million in March to fund network development.