US-based wifi technology provider Skyroam closed a $23.5m series B round yesterday led by computer and smartphone manufacturer Lenovo.
Private equity firm CBC Capital, venture capital fund GSR Ventures, VC firm Vickers Venture and undisclosed private investors also contributed funds to the round.
Founded in 2008, Skyroam markets a small device (pictured) that enables users to create a personal wifi hotspot. The device connects to local mobile networks in 65 countries and provides unlimited data transfer in return for a flat fee of $8 per day.
Skyroam will use the cash to expand its global network of mobile network operators and distribute its device to partners including travel agencies, airport shops and airlines. It will also license its technology to more device manufacturers.
The company previously secured a combined $10m across its seed and series A rounds from backers including GSR, according to VentureBeat.
Qiao Song, vice president of Lenovo, said: “We are making a strategic investment in Skyroam, not only because they are the clear leader in the mobile wifi segment in China, but also because Skyroam’s vSIM technology can enable Lenovo’s mobile devices to better serve our global customers and deliver mutual benefit to both companies in the mobile internet market.”
– Image courtesy of Skyroam