Sigfox to raise $200 million in funding
27 August 2015 |
French internet of things (IoT) provider Sigfox is seeking to raise at least $200 million to fund its global expansion of network.
The startup raised $115 million in February this year from investors including Telefonica, SK Telecom and NTT Docomo to build its network across the US, Europe and Asia.
Sigfox aims to raise another $200 million by next year to expand its IoT system for cars, fridges and home-security systems.
“There is a real opportunity today to be a leader in the Internet of things space because there is nobody with a network to cover the whole world,” said its CEO Ludovic Le Moan. “The plan for Sigfox is to have global coverage. We already have 10 countries covered.”
Le Moan added that an initial public offering in the US by 2017 could be part of its fundraising efforts.
The French government has identified the IoT industry as a focus area for the country’s startups. In February 2015, France’s prime minister Manuel Valls announced a partnership with Cisco in which the company will invest $100 million in French startups over the coming years.