US-based connectivity service provider Globetouch secured “a large part” of a series C round featuring telecommunications firms Verizon and Spark New Zealand on Wednesday that is expected to reach $40m.
The round also includes Hermes Growth Partners, Impact Venture Capital, Wholesale and Zeev Ventures, while Verizon and Spark contributed through respective corporate venturing units Verizon Ventures and Spark Telecom Ventures.
Founded in 2014, Globetouch has created a global ecosystem of mobile networks that enable it to offer internet of things (IoT) connectivity services to smart device manufacturers around the world.
The company aims to make it easier for manufacturers to bring connected products such as cars to market in multiple countries by standardising operator requirements such as the differences between sim cards.
The funding will be used to improve Globetouch’s services and position in the connected car market, as well as to move into other verticals including logistics, healthcare and industrial IoT.
Details of the company’s earlier funding have not been disclosed, but its existing investors include mobile network operators Digicel and NTT Docomo, internet service provider 263 China, cybersecurity software producer Qihoo 360 Technology and conglomerate CK Hutchison.
Globetouch CEO Ricardo Di Blasio said: “With the added backing from an impressive roster of investors, we are realising our mission to enable the connected car with applications that enrich the transportation experience beyond imaginable limits.”