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French internet-of-things company Sigfox raises 100 million euros for world conquest
French company Sigfox has raised a record 100 million euros (115 million dollars) to launch its internet-of-things business in the United States, Asia and Latin America. The network, which currently covers France, the UK, Spain and the Netherlands intends to go global.
“We are in a world where people connect and now we’re going to move on to a world where we connect marches and make this market take off,” board president chairperson Anne Lauvergeon told a press conference to announce the news.
The company, which was launched in 2010 and is based near the southern French city of Toulouse, has about 80 workers at the moment.
It intends to use the money to take on more technical staff and beef up its research and development arm.
Sigfox initially aimed to raise 50 million euros but hit 100 million thanks to investments by telecoms companies, investment funds and major European companies such as GDF Suez, Air Liquide and Eutelstat.
The amount is the same as the record set by online music provider Deezer in 2012, largely due to funds invested by Ukrainian-American billionaire Len Blavatnik.
It means to start its global expansion in the US and hopes to be quoted on the stockmarket there, probably on Nasdaq, in 2016.