Startup Sigfox targets €50 million for IoT development

French technology startup company Sigfox is reportedly seeking to raise funds in a bid to build a global network for the Internet of Things (IoT).

The company has met a range of prospective investors, in a bid to raise approximately €50 million and design a low-cost network that will include billions of tiny chips and sensors to be connected in the IoT.

Talk around the development of the internet of things has recently increased, following a surge of investment into 5G research.

Sigfox – which operates unlicensed radio spectrum and mobile masts – offers a basic IoT network to providers of connected devices, and operates a subscription model.

The startup has ambitions to reach half the world in the next two to three years, according to the Financial Times, and it already covers much of Europe and San Francisco.

It recently partnered with Spanish security company Securitas, and uses the technology company’s network to connect its smart home security system.

It raised $20.6 million in March to fund network development, and the company said it aims to provide services in collaboration with mobile operators.

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