Sigfox, a French company in the IoT industry, raised €150 million in Series E Funding. The company broke the news on Friday. TechCrunch broke the news that the company was raising funds in October.
Rumors that the company is valued at €600 million have spread, but the company has not verified the valuation. Sigfox raised €300 million in total.
The company focuses on building dedicated networks to monitor and control devices. The company is working on smart devices, such as home alarms, refrigerators and streetlights. IoT provides exciting opportunities to build a physical world that is connected to the Internet.
The five-year-old startup offers efficient connectivity, enabling devices to connect to the cloud using minimal energy and maintaining a low-cost.
Sigfox has 10 million objects registered on their network in 26 countries. The funding round sparked interest among investors when the company announced that the additional funding will allow the company’s network to expand to 60 countries by 2018.
The company expects the expansion to bring its finances to a breakeven point.
IXO, Bpifrance, Intel Capital, Elliott, Air Liquide and Idinvest Partners will reinvest in the company. New investors include Alto Invest, Swen CP, Salesforce Ventures, Total, Henri Seydoux and Tamer Group.
The company noted opportunity in China and India. Sigfox has rolled out its network in 100 U.S. cities. Pricing per month for a device starts at €1. Volume discount s are offered, too.
Strategic investors will help the company build out its platform. Salesforce’s IoT Cloud will be closely integrated into Sigfox and Total will help the company overcome energy sector difficulties.
The company’s offerings are available to 424 million people. Optimized communication keeps energy consumption between devices low. The company also announced the expansion of their global IoT network into South Africa and Japan through partnerships with DFA and Kyocera respectively.
Both announcements were made in the last week.