Cellular network operator Sigfox has just announced the end of its series B funding, collecting 10 million euros from existing investors including Elaia Partners, IXO Private Equity and Partech Ventures International. The funding also drew in a new investor, Intel Capital.
“This new funding round will enable the company to quickly deploy a very low throughput network that covers the whole of France and several foreign countries, and is a perfect follow-up to our announcement in June about the opening of the SIGFOX network,” stated Ludovic le Moan, Sigfox’s CEO.
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This most recent round of funding is in line with Sigfox’s dedicated cellular network Machine-to-Machine (M2M) and Internet of Things communication. Investors pledged funds to support the development of the Internet of Things, which enables billions of objects to connect and exchange information with each other.
Sigfox aims to provide and offer an optimized and enhanced network for low throughput data transfer, which will reduce the amount of power consumed by objects and enable the company to supply communication costs at a dramatically decreased price. Its patented ultra narrow band (UNB) technology will allow the Internet of Things to operate on a network of unlicensed frequency bands that are available around the world, delivering long-range transmissions of data while lessening carbon footprint.
New investor Intel Capital is pleased to be supporting Sigfox. “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,” said Marcos Battisti, Managing Director of Intel Capital for Western Europe and Israel.
Existing investors and partners also gave praise to Sigfox for its dedication to making the project a reality in the near future. The company is presently working with other partners to provide its consumers with UNB packaged solutions that will easily integrate with the M2M network. The Sigfox Network is currently providing its solutions in France, but will expand its coverage into other European countries starting 2013.
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Edited by Rich Steeves