Sigfox, the world’s leading provider of connectivity for the Internet of Things (IoT), said Friday it is closing its Series E funding round of €150 million ($159 million) to accelerate the expansion of its global network and soon reach worldwide coverage.
Alto Invest, Salesforce Ventures, Henri Seydoux, , Swen CP, Tamer Group and Total will join Sigfox as new investors, the company said.
Existing shareholders including Bpifrance, Elliott, Intel Capital, Air Liquide, Idinvest Partners and IXO, will also re-invest in the company. Additional new investors are also expected to join this financing round shortly to reach the €150 million level, according to Sigfox.
With more than 10 million objects registered on its network and coverage currently spanning 26 countries, Sigfox is reinforcing its position as a global leader in the IoT space, the company said.
This new round of funding will enable the company to expand its international network to 60 countries by 2018 and reach financial breakeven point.
“We strongly believe that Sigfox has unlocked the IoT connectivity bottleneck and will bring billions of objects online in the near future. Its cost effective, easy to use, open platform solution is set to become the standard for low power object connectivity, bringing massive productivity gains to the corporate world and everyday benefits to end customers”, said Franck Tuil, Elliott’s Senior Portfolio Manager in a prepared statement.
Lazard and Goldman Sachs acted as financial advisors to Sigfox, with Skadden acting as legal advisor and Callisto acting as financial advisors to the management.