- Series A funding is used to accelerate iWire’s development and enter new markets
- Support for subsidiary iWire Technologies for IoT devices
- Focus on Europe and USA
Dubai und Paris/Frankreich, den 12. Juli 2021 – iWire, one of the emerging leaders in the Internet of Things, has just raised $34 million in a Series A financing led by Noor Capital and supported by BPI France to accelerate its development and enter new markets. iWire is a long-standing partner of Sigfox, the pioneer of the 0G network and the world’s leading IoT service provider. In this fundraising, iWire has notably received support from the French Public Investment Bank (BPI France), which has allocated an amount of $25 million for the development of Sigfox networks in 12 new countries in Asia, the Middle East and Africa. In addition, iWire intends to accelerate the development of its subsidiary “iWire Technologies” and specialise in the production of networked devices distributed on all five continents, with a particular focus on the European and US markets.
iWire announces a $34 million Series A funding round led by Noor Capital. The company will expand its geographic footprint to 12 countries in the coming years by building a digital communications infrastructure for massive IoT. iWire has already raised more than $47 million in the last three years. BPI France, French sovereign wealth fund and leading export credit agency in Europe, participated in this funding round with Noor Capital by offering iWire a long-term asset purchase option.
Founded in April 2018, iWire creates nationwide communication networks for massive IoT solutions using Sigfox technology, a pioneer of the 0G network and leading IoT service provider since 2010. The IoT network enables businesses operating at scale, such as utilities, smart cities, smart facilities and logistics service providers, to deploy massive IoT solutions quickly, cost-effectively and in a highly scalable manner.
The demand for dedicated IoT networks is growing globally, and with billions of connected devices, the timing of the network rollout is of great importance. iWire has already expanded the Sigfox network in the UAE in 2019. With the new funding, iWire aims to expand its network coverage to new markets such as India, Bahrain, Kuwait, Saudi Arabia, Jordan, Turkey and Tunisia. From next year, iWire will expand its network to Bangladesh and Sri Lanka, and a few more countries in the Middle East and Africa are on the cards.
In addition to network expansion and IoT service offerings, iWire develops IoT devices under its own brand name “iWire Technologies”. The company has big ambitions in this new business area as the market for connected devices is growing exponentially. Forecasts show that the global IoT market, estimated at $200 billion today, is expected to reach $1.2 trillion by 2025. The number of connected devices, estimated at 35 billion today, could reach 75 billion in the next three to five years.
iWire aims to offer a wide range of high-quality connected products, such as electricity meters, gas sensors, health monitoring, smart ID, smoke detectors, container trackers and street lighting solutions. To expand its operations, iWire has focused on major industries that use these networked 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 distribution channels on a global scale. Having one of the largest communication networks designed for massive IoT across multiple regions is highly synergistic.
To fulfil this task, iWire seems well-suited, as its knowledge of IoT network expansion allows the company to understand the various challenges facing the industry and, in particular, to focus on the opportunities that will emerge in the coming years, not only in emerging markets but also in Europe and the US.
“At iWire, we offer our customers an alternative to traditional connectivity solutions that enables successful digital transformation at a lower cost of ownership. Our solutions contribute to both business efficiency and customer satisfaction. This investment is just the beginning of our journey and a great sign that we are on the right track. We are proud to have the trust of such an investor and will continue to grow our network and expand our products to transform the digital infrastructure in the region,” said Ahmed Fasih Akhtar, CEO of iWire.
“Businesses and organisations around the world are turning to IoT and 0G to transform the way they work. We are thrilled to have a great company like iWire join our extraordinary community of Sigfox operators. Our unique international network is already enabling customers to seamlessly benefit from 0G in over 72 countries. The new markets being added with iWire offer tremendous potential and we look forward to a very successful collaboration,” adds Jeremy Prince, CEO of Sigfox.
About iWire Group
iWire Group is a company focused on delivering on the promise of the Internet of Things. Founded in 2018 and headquartered in Dubai, UAE, the company is engaged in building communication infrastructures for the deployment of massive IoT solutions. iWire also designs and develops innovative IoT products and solutions that are critical for digital transformation. More information at https://iwiregroup.com/
About Noor Capital
Noor Capital PSC is a private limited company headquartered in Abu Dhabi. The company is regulated by the Securities and Commodities Authority of the United Arab Emirates and is licensed to provide financial investment and advisory services, as well as financial and money broking services. More information at https://noorcapital.ae/
Sigfox is the pioneer of the 0G network and the world’s leading Internet of Things (IoT) service provider. Sigfox offers a unique combination of ultra-low-cost and low-power technologies supported by a global network, enabling companies to gain visibility and track their inventory worldwide. With more than 17 million networked devices and 70 million messages sent per day, Sigfox helps its customers extract critical data at minimal cost and accelerate their digital transformation in key areas such as asset tracking and supply chain. ISO 9001 certified and surrounded by a large ecosystem of partners and key IoT players, Sigfox was founded in 2010 and is headquartered in Labège, France, with offices in Boston, Dallas, Dubai, Madrid, Paris, Sao Paulo, Singapore and Tokyo. More information at https://www.sigfox.com
About Bpi France
BpiFrance is French development and EXIM bank for mid caps, French export credit agency and the country’s sovereign wealth fund rolled into one. The bank has €32 billion in equity under management and €40 billion in outstanding loans. More information at https://www.bpifrance.com/