Sigfox deputy chiec executive Xavier Drilhon says the funding will allow the company to accelerate the deployment of its network from 26 countries today to over 60 within the next two years, representing 90% of the worldwide GDP.
“I joined Sigfox 18 months ago because of the incredibly powerful vision of its founders and the unique positioning of the company as a fundamental enabler of the IoT revolution. Our rapid international expansion made possible thanks to the support of our local operators, as well as the growth of our ecosystem, were key to securing this new fundraising.”
According to Tom Rebbeck, research director at Analysys Mason, the money Sigfox has raised highlights the capital-intensive nature of its model.
Commenting on the successful funding round, Ludovic Le Moan and Christophe Fourtet, co-founders of Sigfox, said: “When we met in 2010, we agreed that Sigfox could change the world by bringing the virtual and physical worlds together through a new paradigm based on the fundamental principles of astrophysics”.
“Today, we have created the equivalent of the world's largest radio telescope for IoT. Our network is able to connect hundreds of billions of objects to the Internet through advanced radio techniques.”
Sigfox said new investors in the company include Salesforce, drone maker Parrot and Henri Seydoux, the founder of luxury goods company Christian Louboutin.
Sigfox raised U$115 million in February 2015 from investors including include Spain’s Telefonica, France’s Engie, NTT Docomo Ventures, SK Telecom, Air Liquide and Elliott Management.