UAE-based internet of things (IoT) startup iWire has raised a $34 million Series A funding round, led by Noor Capital with participation from France-based public investment bank Bpifrance.
Founded in 2018 by Vyomesh Thakkar, Ahmed Fasih Akhtar and Firoz Karumannil, iWire focuses on building public communication infrastructure that powers IoT in the UAE, to enable digital transformation at a lower cost of ownership.
The IoT network allows large scale businesses such as utility companies, smart cities, smart facilities and logistics service providers to deploy massive IoT solutions in a fast, cost-effective and highly scalable way.
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Ahmed Fasih Akhtar, CEO of iWire, remarked “At iWire, 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. This investment is only the beginning of our journey and a great sign that we are on the right track. 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.”
Jeremy Prince, CEO of Sigfox, added “Companies and organisations across the world are embracing IoT and 0G to transform the way they operate. We are thrilled to have a great company like iWire amongst our incredible community of Sigfox Operators. Our unique international network already allows customers to benefit from 0G in a seamless way in 72-plus countries. The new markets iWire is adding offer tremendous potential and we look forward to a very successful collaboration.”
The funds will enable iWire to accelerate its development and enter new markets over the coming years, and expand its geographic presence across 12 countries, by building the digital communication infrastructure to power massive IoT.
