floLIVE announced that it has raised $47 million (€44.14 million) in a Series C round of funding. The round was co-led by Greenfield Partners and existing investor 83North, with Qualcomm Ventures, Dell Technologies Capital, Saban Ventures, and Hazelnut Partners participating in the round.
floLIVE will use the funds to increase its global footprint by partnering with additional MNOs (mobile network operators). This expands its multi-IMSI (international mobile subscriber identity) over eSIM (embedded subscriber identity module) technology. This also launches an integrated satellite connectivity offering and introduces new solutions to the market such as advanced location-based applications, network-based cybersecurity services, secure data routing and more.
The global connectivity market has changed over the last few years, with OEMs (original equipment manufacturers) and global enterprises becoming more knowledgeable and more demanding in their global IoT (internet of things) connectivity needs. The need for a modern, available global connectivity solution that enables real-time visibility, customization of network behaviour, cybersecurity protection and regulatory compliance has become a mandatory requirement.
At the same time, MNOs who relied on legacy, consumer-oriented platforms are now seeking modern, cloud-based solutions that will not only adhere to the requirements introduced by those global enterprises in a cost-effective way but will also turn their IoT business into a profitable one by generating new business opportunities and achieving better unit economics. Furthermore, they are looking for ways to move away from over-reliance on roaming agreements, as these may not be suitable for all IoT use cases and be challenged by eSIM adoption.
floLIVE’s hyperlocal global network spans across all continents and offers localised connectivity in a streamlined manner. This ‘one-of-a-kind’ globally distributed and API (application programming interface)-driven cellular data network serves as the underlying infrastructure for enterprises, OEMs, IoT service providers and MNOs, who benefit from a modern carrier-grade, secure platform. The move allows them to build a profitable IoT business, while introducing new revenue sources and value-added services.
floLIVE’s solutions are based on advanced, cloud-native software architecture that reduces time to market, guarantees low TCO (total cost of ownership) and provides a degree of flexibility. These offerings facilitate high performance and prolonged battery life for LPWA (low power wide area) and broadband use cases.
“We look for highly differentiated infrastructure technologies that can support a robust and modern technology stack on top of them,” says Avery Schwartz, partner at Greenfield Partners. “After tracking the company and space for some time, floLIVE’s rapid growth adds to our conviction that the company has developed a unique solution that elegantly solves for the full matrix of pain points traditionally plaguing the IoT connectivity market. This solution lays the foundation for new and innovative services that will dramatically change the IoT space as we know it; we are delighted to join floLIVE’s promising journey.”
“The value of floLIVE’s offering becomes increasingly clear when global enterprises are looking for unified, sophisticated global connectivity solution and MNOs are searching for more robust and profitable technology partners,” says Yoram Snir, partner at 83North.
With floLIVE, clients get full management, control and visibility of every network element while supporting all use cases from one carrier-grade global platform.
“This is a really strong vote of confidence from our existing investors as well as new investor Greenfield Partners, reiterating the value of our solution, especially during a tough economic climate where technology investments have been decreasing substantially,” says Nir Shalom, CEO, floLIVE. “We have already transformed the landscape of global IOT connectivity with our hyperlocal, global platform that addresses the needs of both OEMs and MNOs. We’re excited to use this investment to increase our global footprint and deliver more value to our customers.”
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