French firm Sigfox drummed up another round of financing – this time $115 million – as it looks to extend its dedicated Internet of Things (IoT) network.
“[It] is a significant step in the development of our network’s coverage all around the world,” said Anne Lauvergeon, Sigfox chairman.
Sigfox 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.
Following network deployment in France, Spain, the United Kingdom, the Netherlands – and soon the United States – Sigfox said it will use the new equity round to accelerate its worldwide network roll-out in Europe, Asia and the Americas with the support of international telecom operators (Telefonica, SK Telecom and NTT DOCOMO Ventures), a leading financial sponsor (Elliott Management Corporation) and industrial partners (GDF SUEZ, Air Liquide and Eutelsat).
These new partners join the existing financial investors that have been Sigfox’s shareholders since 2011.
Sigfox added that the existing investors – Elaia Partners, iXO PE, Partech Ventures and Idinvesteach – reinvested “significantly” in the current round.