Sigfox, a France-headquartered connected device network developer backed by a range of corporate investors, is looking to raise $100m to $200m in funding, TechCrunch reported yesterday.
The round will value the company at “around $600m,” according to undisclosed sources. Co-founder and CEO Ludovic Moan told TechCrunch it would probably close before the end of 2016 and possibly in November.
Sigfox has developed an energy-efficient global communications service that enables internet-of-things devices to share data over long distances. Its network has more than 8 million devices registered over 24 countries.
The latest round will include an as yet unnamed Chinese strategic investor and some existing backers. Sigfox has so far raised just over $150m altogether, and the new funding will follow a $115m series D round in February 2015 that reportedly valued it at $400m.
Telecommunications firms Telefónica, SK Telecom and NTT Docomo all invested in the series D round, as did energy utility Engie, industrial gases producer Air Liquide, satellite operator Eutelsat and hedge fund manager Elliott Management Corporation.
Intel Capital, the corporate venturing arm of chipmaker Intel, led Sigfox’s $12.8m series B round in 2012, which included series A investors Elaia Partners, IXO Private Equity and Partech Ventures.
The four subsequently returned for a $20.7m series C round in early 2014 co-led by private equity firm Idinvest Partners and French government-backed investment bank BPIfrance.