iWire announced that it has received $34 million in Series A financing led by Noor Capital. In the next few years, the company will build a digital communication infrastructure to power the large-scale Internet of Things, thereby expanding its geographic distribution in 12 countries.
To date, iWire has raised more than $47 million in the past three years. Bpifrance, a French sovereign wealth fund and a leading European export credit agency (Bpifrance Assurance Export represents the French government), has participated in this round of financing together with Noor Capital by granting iWire the right to purchase long-term equipment. Buyer credit agreement.
iWire was launched in April 2018. Since 2010, it has used Sigfox technology, 0G network pioneers and leading IoT service providers to build a national communication network to provide support for large-scale IoT solutions. IoT networks allow large enterprises, such as utility companies, smart cities, smart facilities, and logistics service providers to deploy large-scale IoT solutions in a fast, cost-effective, and highly scalable manner.
The global demand for dedicated IoT networks is growing. Considering the billions of connected devices, the timing of network deployment is very important. iWire has deployed the Sigfox network in the UAE in 2019. With these new funds, iWire hopes to expand its network coverage to new markets such as India, Bahrain, Kuwait, Saudi Arabia, Jordan, Turkey and Tunisia. Starting next year, iWire will expand its network to Bangladesh and Sri Lanka, and more countries in the Middle East and Africa are also on the roadmap.
In addition to network expansion and IoT service products, iWire is also developing IoT devices under its own brand “iWire Technologies”. The company has great ambitions for this new business, because the connected device market is experiencing exponential growth. Forecasts show that the global Internet of Things market is currently estimated at 200 billion U.S. dollars and is expected to reach 1.2 trillion U.S. dollars by 2025. The number of connected devices currently estimated at 35 billion may reach 75 billion in the next three to five years.
iWire aims to provide a wide range of high-quality connected products, such as utility meters, gas sensors, health watches, smart IDs, smoke detectors, container trackers, and street lighting solutions. In order to expand its activities, iWire targets the high-volume industries that use these interconnected products the most, such as: utilities, smart cities, smart facilities, digital health, and smart logistics. The strategy is to develop IoT products and sell them through global distribution channels. It has one of the largest communication networks, designed for large-scale Internet of Things across multiple regions, with a high degree of collaboration.
In order to achieve this mission, iWire seems to be very suitable, because its knowledge of deploying IoT networks enables it to understand the various challenges facing the industry and pay special attention to opportunities not only in emerging markets but also in Europe and Europe. America, in the next few years.
“At iWire, we provide customers with alternatives to traditional connectivity solutions that can successfully achieve digital transformation at a lower cost of ownership. Our solutions help improve customer business efficiency and satisfaction. This investment is just us The beginning of the journey is also a good sign that we are on the right track. We are proud to have the trust of such an investor, and we will continue to expand our network and our products to change the digital foundation of the region facility.” Ahmed Fasih Akhtar, CEO of iWire explained.
Jeremy Prince, CEO of Sigfox, added:
“Companies and organizations all over the world are adopting the Internet of Things and 0G to change the way they operate. We are happy to have a great company like iWire in our incredible Sigfox operator community. Our unique international network has This allows customers to benefit from 0G in a seamless manner in more than 72 countries. The new markets that iWire is adding offer great potential, and we look forward to very successful cooperation.”
About iWire: IWire, one of the emerging leaders in the Internet of Things, has just raised US$34 million in Series A financing, led by Noor Capital and supported by Bpifrance, to accelerate its development and enter new markets. iWire is a long-term partner of Sigfox, a pioneer in 0G networks and the world’s leading Internet of Things service provider. In this financing, iWire received a US$25 million buyer’s credit support from the French Public Investment Bank (Bpifrance), specifically for the development of the Sigfox network in 12 new countries/regions in Asia, the Middle East and Africa. In addition, iWire intends to accelerate the development of its subsidiary “iWire Technologies” to specialize in the production of connected devices, which will be distributed on five continents, especially in the European and American markets.
