US-based wifi services provider Skyroam has completed a $20m series C round featuring Delta Electronics Capital, the corporate venture capital arm of automation technology producer Delta Electronics.
The round was led by Jafco Asia, a subsidiary of Japan-headquartered investment firm Jafco, and included private equity firm China Broadband Capital and VC firms Vickers Venture and GSR Ventures. It increased the company’s overall funding to more than $50m.
Founded in 2008, Skyroam initially focused on virtual SIM technology and in 2014 released a service called Skyroam Wifi that enabled international travellers to connect to the internet in any country through a personal wifi hotspot. Its latest product is a hotspot and power bank called Solis.
The service has reached more than 15 million users and is now profitable, Skyroam said. It will use the series C funding to enter new geographical markets and introduce a smart data platform that will enable its users to connect more quickly and reliably.
Jing Liu, chief executive of Skyroam, said: “This new round of investment represents our investor’s confidence in the company’s execution, as well as the enormous market opportunity in the next phase in front of us.”
Skyroam raised $10m from investors including GSR across seed and series A rounds, according to VentureBeat, when it added $23.5m in a 2015 series B round featuring consumer electronics manufacturer Lenovo.
GSR Ventures, Vickers Venture, China Broadband Capital and undisclosed private investors also participated in the 2015 round.
– Image courtesy of Skyroam Limited.