As part of a $160 million funding round.
French start-up Sigfox has raised 150 million euros ($160 million) to help build networks connecting everything from washing machines to smart meters to the internet, it said on Friday, confirming an earlier Reuters report.
Founded in 2010, Sigfox raised $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, sources said at the time.
Since it was started by French entrepreneur Ludovic le Moan, Sigfox has built a global wireless network connecting more than 10 million objects to the cloud at minimal cost by relying only on surrounding sources of energy.
The latest round of funding will enable Sigfox, which competes with Cisco’s Jasper, to expand its international network from 26 countries to 60 by 2018 and reach financial break-even, the company said.
“We are happy to accompany the development of Sigfox because the technology it offers can be decisive to accelerate the deployment of the Internet of things.”, Patrick Pouyanné, Chairman and Chief Executive Officer of Total, said in the statement.
“This type of solution will improve the performance and operational safety of industrial activities, reduce operating costs, but also be used to serve customers.”