French IoT firm Sigfox closed its Series E funding round of €150 million and aims to “accelerate the expansion of its global network and soon reach worldwide coverage.”
Salesforce Ventures, the investment arm of the CRM firm, and Total Energy Ventures, part of the French oil and gas giant, joined Alto Invest, Henri Seydoux, Swen CP and Tamer Group as new investors.
Existing shareholders including Bpifrance, Elliott, Intel Capital, Air Liquide, Idinvest Partners and IXO, will also re-invest in the company.
The firm, which provides Low Power Wide Area (LPWA) technology for the Internet of Things (IoT), believes its ability to connect objects to the cloud at minimal cost by relying on surrounding energy sources has contributed to the successful round.
Currently, 10 million objects are registered on the network in 26 countries and Sigfox plans to expand to 60 countries by 2018, representing 90 per cent of the worldwide GDP, and reach financial break-even point.
It also wants to integrate with Salesforce’s IoT Cloud, “unlocking insights from the connected world that empower any business to take the right action, for the right customer, at the right time across global consumer and business use cases,” the company said in a statement.
“Sigfox and Salesforce IoT Cloud can facilitate deep and meaningful customer experiences via its global, homogenous and scalable network,” it added.
Sigfox is competing against other proprietary (non-cellular) LPWA technologies such as LoRA and Ingenu, all of which use unlicensed spectrum. Back in July it struck partnerships to bring its network to Mexico and Singapore.
The round comprises a “greenshoe” that will allow new partners to join the share capital of Sigfox shortly.
Additional new investors are also expected to join this financing round shortly to reach the €150 million level.