IoT Connectivity Startup FloLive Raises $15.5M, Led By Intel
Israeli startup FloLive, a company that provides connectivity solutions for IoT chipsets and device manufacturers around the world, announced on Wednesday, it raised an additional $ 15.5 million in investment as part of a series of Series B funding.
This increases the company’s total funding to $ 37 million for this round.
The investment was led by new investor Intel Capital, with the participation of existing investors Qualcomm Ventures LLC, Dell Technologies Capital, 83North, Saban Ventures and Arie Capital.
Founded in 2016, FloLive provides Internet of Things (IoT) connectivity through a secure cloud-based connectivity activation platform.
The company intends to invest new funds in strengthening its technology suite, upgrading the global network to 5G and building a global SIM2Cloud offering through a partnership with a leading global cloud provider.
There is a rapidly growing demand for private 5G networks, according to a statement from FloLive. This provides customers with a viable alternative to VPN and Wi-Fi connectivity that is more secure and cost-effective than traditional connectivity approaches.
Private 5G networks are ideal for businesses, as they offer extremely secure and performance-oriented connectivity that is flexible in the implementation of their corporate IT, quality and security policies. As manufacturing, logistics and health centers become more connected and smarter, the virtues of private 5G networks ensure longevity and business continuity, the company said.
“We are seeing significant adhesion in the 5G network solutions market, with private 5G networks being the undisputed leading solution for both private campuses and national deployment,” said Nir Shalom, CEO of FloLive. “While Healthcare and Industry 4.0 can be considered natural customers, one of the emerging sectors is utilities, which are more susceptible to cyberattacks, data leaks and foreign espionage; we intend to focus more on this segment and gain significant market share. “
5G cellular networks consist of two main building blocks – the radio access network (RAN) and the core network (CN). FloLive’s core 5G network can be deployed using Private RAN when on closed campuses, and connected to public RANs located by national carriers for national deployments required by national utilities.
FloLive’s private 5G network is built on top of its common software-defined connectivity (SDC) infrastructure, a cloud framework that provides the flexibility, performance, and security required by the IoT ecosystem. His cloud offerings “put the company at an important point, sparking interest from both global cloud providers and major industry leaders,” the company said in a statement.
“We’re really excited about floLIVE’s unique cloud approach to IoT connectivity,” said David Johnson, managing director at Intel Capital. “Native cloud architectures bring efficiency, scalability, and flexibility that are important to IoT services. In addition, floLIVE’s cloud-based core can provide a sequence of functions across many independent private and public networks. We look forward to expanding the products and services of floLIVE activated by this investment. “
“We are honored to be recognized by a prestigious investor such as Intel Capital as an innovator in 5G platforms,” Shalom continued. “Intel Capital’s investment gives us confidence in the path we are taking to our global success. Equally important is the continued trust and overwhelming support of our existing investors. Together, they are invaluable to our growth. “