SIGFOX has secured €15 million in is second funding round with IDInvest and BPIFrance as the lead investors. Additional investors were the FSN PME, Fonds Ambition Numérique, Elaia Partners, Intel Capital, Ixo Private Equity and Partech. To date, the French startup has raised a total capital of €27 million.
Existing investors such as Elaia Partners, Partech International, and Intel Capital also contributed to the financing. The company will use the new capital to speed up the deployment of its cellular network in other countries.
SIGFOX has built the Sigfox Network Operator (SNO) service to reduce its operational costs and facilitate faster network expansion. The service will partner with a major player in a target country and launch the company’s commercial development. The SNO is already established in the Netherlands, Russia, and Spain.
The startup was founded by Ludovic Le Moan in 2009. SIGFOX is on a mission to construct a cellular network that will help link together the Internet of Things (IoT).