London, UK, Sept. 12, 2023: “floLIVE”, creator of the world’s first and largest hyperlocal global cellular network and a leading provider of global connectivity, network and Connectivity Management Platforms for IoT, announced today that it had raised US $47 million in a ‘Series C’ round of funding. The round was co-led by Greenfield Partners and existing investor 83North, with Qualcomm Ventures, Dell Technologies Capital, Saban Ventures, and Hazelnut Partners participating in the round.
floLIVE will use the funds to increase its global footprint by partnering with additional MNOs, expand its unique multi-IMSI over eSIM technology, launch an integrated satellite connectivity offering and introduce new and innovative solutions to the market such as advanced location-based applications, network-based cybersecurity services, secure data routing and more.
The global connectivity market has dramatically changed over the last few years, with OEMs and global enterprises becoming more knowledgeable and more demanding in their global IoT connectivity needs. The need for a modern, highly available global connectivity solution that enables real-time visibility, customization of network behaviour, cybersecurity protection and regulatory compliance has become a mandatory requirement.
At the same time, Mobile Network Operators (MNOs) who relied on legacy, consumer-oriented platforms are now seeking modern, cloud-based solutions that will not only adhere to the requirements introduced by those global enterprises in a cost-effective way but will also turn their IoT business into a profitable one by generating new business opportunities and achieving better unit economics. Furthermore, they are looking for ways to move away from an over-reliance on roaming agreements, which do not suit all IoT use cases and may be challenged by the wide eSIM adoption.
floLIVE’s unique hyperlocal global network spans across all continents and offers localized connectivity in a streamlined manner. This one-of-a-kind globally distributed and API-driven cellular data network serves as the underlying infrastructure for enterprises, OEMs, IoT Service Providers and MNOs – all who benefit from a modern carrier-grade, secure, robust platform that allows them to build a profitable IoT business while introducing new revenue sources and sophisticated value-added services.
floLIVE’s solutions are based on a unique, advanced, cloud-native software architecture that reduces time to market, guarantees low TCO and provides an unprecedented degree of flexibility. These offerings facilitate high performance and prolonged battery life for LPWA and broadband use cases.
Image credit: floLive