The low-throughput network operator is strengthened through capital increase
SIGFOX, the first operator of a cellular network fully dedicated to Machine-to-Machine (M2M) and Internet of Things communications today announces the closing of its funding round.
This 10 million euros 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 rapid international growth strategy.
Ludovic le Moan, SIGFOX Chief Executive Officer, said:
“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.”
“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, where others have failed, positioning itself as a globally oriented network operator.
“Those billions of objects will need an electronic component to connect to the SIGFOX network. Our company remains focused on providing an optimized network for low-throughput data transfer. Several partners already design and sell ‘SIGFOX Ready’ chips. In the future SIGFOX connectivity will be found in all kinds of processors and this gives new meaning to Intel Capital’s investment,” adds Ludovic Le Moan, SIGFOX Chief Executive Officer.
Commenting on the deal, Marcos Battisti, Managing Director Intel Capital Western Europe and Israel, said:
“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.”
“We are pleased to support SIGFOX with our investment,” added Stephane Goubau, Investment Director, Intel Capital. “We have been impressed by the breakthrough technology the Company has developed and by the services opportunities the company enables at costs that could only have been dreamt of before now.”
“When we first invested, we were convinced that the M2M market segment development was linked to tailored communication solutions at a cost lower than alternative wireless technologies. The technical and financial performance now demonstrated by the SIGFOX solutions, enable the Company, with this new funding round, to start a large scale deployment of a network dedicated to the Internet of Things,” said Philippe Gire, Managing Partner, ELAIA Partners.
Jean-Marc Patouillaud, Managing Partner de Partech Ventures International, states:
“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.”
Jean-Luc Riviere, Managing Partner at Ixo Private Equity, commented:
“Our group’s expertise in the M2M market allows us to strongly believe in the potential of this company, including in markets such as Smart Metering.”
SIGFOX is the first and only operator of a cellular network fully dedicated to low-throughput communication for connected objects. Leveraging on its patented UNB technology SIGFOX brings a revolution to the M2M and Internet of Things world by enabling large-scale connection of objects. Reliable, long range, robust, SIGFOX network and related offer mean groundbreaking prices and costs, extremely low power consumption, and massive reduction of the customers’ carbon footprint. With SIGFOX, One network brings your billions dreams to life. For more information, please visit our website www.sigfox.com