Japan-based internet-of-things (IoT) platform developer Uhuru, which counts several corporates among its investors, will target $50m in its UK initial public offering, Reuters has reported, citing an undisclosed source.
Uhuru is the developer of a software platform called Enebular that orchestrates an organisation’s IoT activities, connecting IoT and edge devices to cloud offerings, and supporting the development of IoT products and services.
The company’s plans to list in the UK were reported late last month, and it intends to float on the London Stock Exchange’s junior AIM market on October 23 according to Reuters. It is targeting a valuation higher than in its last round, which a source told the publication was roughly $270m.
Telecommunications and internet group SoftBank joined IT product maker NEC Corporation and Salesforce Ventures, the corporate venturing subsidiary of enterprise software provider Salesforce, to provide $4.5m for Uhuru in August 2018, according to the Financial Times.
Uhuru had received $4.4m in funding from Salesforce Ventures and diversified conglomerate Mitsui in 2015, four years after securing an undisclosed amount from Salesforce Ventures.
Other investors in the company, which opened a UK office in London in March this year, include spark plug provider NGK according to the FT, and marketing group Dentsu according to Reuters. Arden Partners and SMBC Nikko are advising it on the IPO.
