floLIVE Secures $15.5 Million Investment Led by Intel Capital and Launches New Global 5G Service
The IoT company receives extended funding in Series B round to a total of $37 Million, enabling the rollout of its new global 5G network
LONDON, [June 21 2021]—floLIVE, a provider of secure, cloud-native global Connectivity Management Solutions for the Internet of Things (IoT), today announced it has closed a $15.5 million investment as part of its Series B financing round. The investment was led by new investor Intel Capital, with participation from existing investors Qualcomm Ventures LLC, Dell Technologies Capital, 83North, Saban Ventures and Arie Capital.
The allocation of unlicensed cellular bands for public use was initiated in the US with the introduction of the Citizens Broadband Radio Service (CBRS) and is becoming a global trend as additional countries such as Germany, UK and others follow. These initiatives, alongside the growing need of enterprises for secure, high performance connectivity, have resulted in a fast-growing demand for private 5G networks. This provides customers with a viable alternative to VPN and Wi-Fi connectivity that is more secure and cost-effective than traditional legacy connectivity approaches.
Private 5G networks are ideal for enterprises as they offer highly secure and performance-oriented connectivity that is flexible in meeting their corporate IT, quality and security policies. As manufacturing, logistics and healthcare centers are becoming connected and smarter, the virtues of private 5G networks pose a tight fit for them, ensuring longevity and business continuity.
“We see significant traction in the market for 5G network solutions, with private 5G networks being the indisputable leading solution for both private campuses and national deployments,” said Nir Shalom, floLIVE’s CEO. “While healthcare and Industry 4.0 may be considered the natural customers, one of the emerging sectors is utilities, which is more prone to cyber-attacks, data leakage and foreign espionage; we intend to put more focus on this segment and gain significant market share.”
5G cellular networks comprise two major building blocks – the Radio Access Network (RAN) and the Core Network (CN). floLIVE’s 5G Core Network can be deployed using Private RAN when in closed campuses and connect to the public RANs deployed by national carriers for national deployments required by national utility companies.
floLIVE’s Private 5G network, one of the company’s IoT connectivity solutions for enterprises and mobile operators, is built atop its common Software-defined Connectivity (SDC) infrastructure – a cloud-native framework that provides the flexibility, performance and security required by the IoT ecosystem. Its cloud-native offerings place the company at an important juncture, raising interest by both global cloud providers and large industry leaders as recent industry studies indicate that mobile operators, a traditionally conservative industry, are changing their mindset and beginning to adopt cloud-based solutions due to their fast time-to-market, elasticity, low total cost of ownership and cybersecurity protection.
“We are truly excited about floLIVE’s unique cloud-native approach to IoT connectivity,” said David Johnson, Managing Director at Intel Capital. “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.”
“We are honored to be recognized by a prestigious investor like Intel Capital as an innovator in 5G platforms,” continued Shalom. “Having Intel Capital’s investment gives us confidence in the road we’re paving towards our global success. Equally important is the continued trust and tremendous support of our existing investors. Together, these are invaluable to our growth.”
floLIVE’s solutions are witnessing strong market traction from their target markets; the company intends to invest the new funds in three main alleys – strengthening its technology stack, upgrading its global network to 5G and building a global SIM2Cloud offering by partnering with a global leading cloud provider.
floLIVE offers advanced 5G network solutions and a full suite of global IoT cellular connectivity services. Its unique global connectivity service floNET provides enterprises and mobile operators with fully compliant, highly performant and globally agnostic connectivity. The platform encompasses a wide range of services to market verticals, from a full GSM IoT-oriented core network, through to IoT BSS, device and eSIM management and targeted IoT vertical solutions – all provided as-a-service via floLIVE’s global cloud. For more information, visit www.flolive.net.
About Intel Capital
Intel Capital invests in innovative startups targeting cloud and AI infrastructure, 5G, edge, autonomy, cybersecurity, client and gaming, enterprise applications, silicon design and manufacturing, and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$13.3 billion in more than 1,595 companies worldwide. For more information on Intel Capital, visit www.intelcapital.com or follow @Intelcapital.