SIGFOX secures EUR10m series B funding led by Intel Capital
SIGFOX, the first operator of a cellular network fully dedicated to machine-to-machine (M2M) and Internet of Things communications, has closed a funding round.
This EUR10m series B funding led by Intel Capital, together with SIGFOX’s existing investors Elaia Partners, Partech Ventures International and IXO Private Equity, is in line with and supports the company’s international growth strategy.
"This new funding round will enable the company to quickly deploy a very low throughput network covering the whole of France and several foreign countries, and follows our announcement on the opening of the SIGFOX network in early June," says Ludovic le Moan, SIGFOX chief executive officer. "We are very pleased to welcome Intel Capital as a new investor as this is recognition of our vision and technological know-how".
In the Internet of Things, a vast majority of applications connecting billions of devices to the internet at very low data rates only makes economic sense if the total cost of ownership does not exceed a few euros per year. SIGFOX has managed to solve this financial/technological equation, positioning itself as a globally oriented network operator.
Marcos Battisti, managing director at Intel Capital Western Europe and Israel, says: “This should help the Internet of Things, which we strongly believe in, become a reality at an accelerated speed. We will be able to assist the company’s growth by exposing them to Intel Capital’s extensive network and expertise.”
Jean-Marc Patouillaud, managing partner of Partech Ventures International, adds: "Partech has always trusted SIGFOX management in its ambition of becoming the Internet of Things operator. Today the company brilliantly proves its vision was right with important contracts already signed."
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