SoftBank and DT back 1NCE with $50 million funding round
IoT network carrier 1NCE has raised $50 million in capital from a raft of investors including Deutsche Telekom and SoftBank.
The funds will be used for international expansion – particularly in the US and Asia – and further develop its cloud based IoT platform services. Recruitment is also on the agenda as 1NCE looks to attract key talent to expand its product capabilities and simplify the development of cellular-based IoT solutions worldwide.
Timotheus Höttges, CEO of Deutsche Telekom, adds: "1NCE has already demonstrated its disruptive potential in the IoT market, and its growth to date has underpinned its claim to leadership in cellular-based connectivity services. As a technology partner from the very first hour, we are happy to actively foster further growth."
Founded in 2017 1NCE offers cellular device connectivity at a fixed price in more than 100 countries via 2G, 3G, 4G, 5G, NB-IoT and LTE-M. It also now provides IoT services, such as plug-and-play setup and device management. It has already sold more than five million SIM cards with a simple, disruptive offer for IoT SIMs of €10 for 10 years.
The company already manages 10 million connections for more than 7,000 business customers around the world. Additionally, the company is a premium technology partner of Amazon Web Services with exclusive offerings for developers on AWS Marketplace.
Deutsche Telekom is a seed investor, having backed the company since inception, and uses 1NCE technology for its own IoT offerings. Softbank's involvement follows its own recent partnerships with Deutsche Telekom, providing "a clear opportunity to co-invest in global connectivity platforms focused on enterprise customers".
Strategic partnerships have also been formed with Pycom, China Telecom and Software AG, among others.
1NCE CEO and founder Alexander P. Sator said: "With SoftBank we have gained an investor who brings in expertise from investments in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers.
"We are thrilled to work with them to leverage the new opportunities in Asia and the US that come with the engagement."
Marcelo Claure, CEO, Softbank Group International and COO, SoftBank Group Corp added: "1NCE is a leader in connecting millions of low bandwidth sensors around the world.
"Using their technology offers incredible opportunities for our portfolio companies. With our investment in 1NCE, we look forward to accelerating the breakthrough of connectivity on the Internet of Things."