French startup SIGFOX lands €15M in Series B round to connect the Internet of things
SIGFOX has secured €15 million in is second funding round with IDInvest and BPIFrance as the lead investors. To date, the French startup has raised a total capital of €27 million, according to Rude Baguette.
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, Telecompaper detailed.
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 report explained.
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), Rude Baguette reported.