UK-based eSIM specialist Truphone secured a £30 million cash injection from existing investors, funds it plans to use to enhance software development and network upgrades ahead of a renewed push into North America and APAC.
The company said the latest financial support mirrored heightened global demand for eSIM technology, with Truphone connecting 4 million profiles across consumer and IoT devices since entering the sector in September 2018.
It added 20,000 eSIMs were being downloaded every day, with the vendor boasting 25 major operator customers on its books. In addition to its SIM software business, it runs an enterprise-focused international MVNO offering, though in a statement noted the former was now its “sharp focus”.
Truphone CEO Ralph Steffens added: “We have long championed eSIM as the superior method of connectivity, and it’s immensely rewarding to reap the benefits of this decision. We are delighted that our investors continue to support us as we develop this technology, which is maturing and accelerating all the time.”
The £30 million investment follows a previous funding round held in October 2018 and bumper cash injection of £225 million in 2017, which it used to clear existing debt and expand into IoT services.
Truphone’s move comes as eSIM technology gains momentum around the globe, with analysts from organisations including the GSMA, Ovum and ABI Research tipping the technology for rapid growth in the years to 2024.
High-profile handset manufacturers supporting the technology in some devices include Samsung, Google and Apple.
Earlier this year Ericsson unveiled a move in eSIM provisioning, with the vendor expecting 5 per cent of all smartphones to be compatible with the technology by the end of 2020.Subscribe to our daily newsletter Back