Internet and telecommunications group SoftBank and telecoms firm Deutche Telekom took part in a $50m funding round for Germany-based internet-of-things (IoT) network carrier 1nce on Wednesday, investing alongside unnamed others.
Founded in 2017, 1nce provides cellular connectivity at a fixed price across multiple networks – including 2G, 3G, 4G, 5G, LTE-M and NB-IoT – and claims it currently manages a total of about 10 million connections for more than 7,000 business customers.
Proceeds from the round will be used to boost the company’s international expansion plans, particularly in the United States and Asia, as well as to grow its team and further develop its IoT platform.
Deutsche Telekom has been part of 1nce’s development since becoming a seed investor at its inception, while SoftBank’s participation follows a strategic partnership with Deutsche Telekom to jointly invest in connectivity platforms for enterprises.
Alexander Sator, 1nce’s founder and chief executive, said: “With SoftBank we have gained an investor who brings in expertise from investments in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers.
“We are thrilled to work with them to leverage the new opportunities in Asia and the US that come with the engagement.”
