Finnish wireless IoT company Wirepas, announced an injection of funds aimed at accelerating the development of the world’s first purpose-built non-cellular 5G technology. On the heels of announcing the product and new standard in May, Wirepas, currently servicing several world-leading clients, has seen an increased interest and demand from partners and customers to bring the product to market. Existing investors Karma and Tesi are rising to the occasion, providing a new injection of appr 10M euros, as per a company statement.
More specifically, the funds will be used to strengthen Wirepas’ longer-term research and to further develop the leading Massive IoT technology. The company has also planned hiring with a focus on development, testing and delivery, all aspects needed to bring the solution to market.
The demand for affordable networks is high for businesses looking for scalable, high-density applications in a multitude of areas such as smart meters, building management systems, logistics and smart cities.
According to the company claims, this new 5G standard means that for the first time, any business, regardless of size, will finally be able to digitise their business with reliable and affordable 5G connectivity. It will allow industries to run their own independent IoT systems and develop new services around their own expertise and business domain. It also enables them to store and consume the data generated in the way they see best fitting for them (on premises, in public cloud or anything in between), democratising the data ownership.