The high-profile IoT startup Sigfox – which had raised over US $300 million in venture funding and hoped to build a global communications network using a new approach to wireless networking – has filed for bankruptcy protection in France.
According to this report in TechCrunch, the IoT company cited weak sales of its products and challenging conditions in the IoT industry due to COVID-19.
It is expected to use the six-month-long process to find a buyer to “support Sigfox’s long-term development and propose to maintain jobs.” It will continue to operate meanwhile: Sixfox says its network spans 75 countries, stitching together capacity from 75 carriers, and that it connects 20 million objects and sends 80 million messages per day.