FloLive, an Israeli startup creating connectivity solutions for Internet of Things (IoT) devices, has announced the raising of $15.5 million in its Series B funding round.
The startup’s total funding is now $37 million after the completion of a round led by Intel Capital, which also included the participation of Qualcomm Ventures LLC, Dell Technologies Capital, 83North, Saban Ventures, and Arie Capital, some of the most important firms in the industry.
David Johnson, Managing Director at Intel Capital., referred to the firm’s excitement to back up the startup by stating:
“We are truly excited about floLIVE’s unique cloud-native approach to IoT connectivity. Cloud-native architectures bring efficiency, scalability, and flexibility which are important for IoT services. In addition, floLIVE’s cloud-based core can provide consistency of features across many independent private and public networks. We look forward to the expansion of floLIVE’s products and services enabled by this investment.”
FloLive was founded back in 2016 to offer connectivity solutions for the growing IoT industry, which has exponentially grown over the past years as more devices make use of the internet to transfer data.
The startup said it is planning to invest the new funds in strengthening its technology stack, upgrading its global network to 5G, and building a global SIM2Cloud offering by partnering with some of the most important cloud providers worldwide.
With 5G networks gaining traction as the technology continues to develop, countries like Germany and the UK have started to follow the United States’s example by initiating the allocation of unlicensed cellular bands.
FloLive’s CEO, Nir Shalom, believes that the increasing traction on the 5G market will include more than the Healthcare and industry 4.0 sectors, with utilities becoming one of the most important players.
According to Shalom, the IoT Connectivity Startup plans to “put more focus on this segment and gain significant market share.”