iWire, an emerging internet of things (IoT) company, said it will be the exclusive operator for communications provider Sigfox in the Indian market.
The move coincides with its Series A funding of $34 million led by Noor Capital and supported by Bpifrance, the French sovereign wealth fund and export credit agency in Europe to accelerate its development and enter new markets.
Bpifrance has supported iWire, through a $25 million buyer credit agreement, exclusively for the development of Sigfox networks in 12 countries across Asia, Middle East and Africa including India. The investment will be utilised to building the digital communication infrastructure to power massive IoT. iWire has so far raised over $47 million, over the past three years. In addition to its network expansion and IoT service offerings, iWire is developing IoT devices under its own brand “iWire Technologies”.
iWire said it is aiming to offer a wide range of high-quality connected products to develop and sell them through distribution channels on a global scale.
“We offer to our customers, an alternative to legacy connectivity solutions, which enables successful digital transformation at a lower cost of ownership. Our solutions contribute to our customers’ business efficiencies as well as their satisfaction… We are proud to have the trust of such an investor and we will continue expanding our network and our products to transform the digital infrastructure in the region,” said Ahmed Fasih Akhtar, CEO, iWire.