Japanese IoT start-up raises Â¥2.4bn funding
May 19, 2016
Tokyo-based IoT start-up Soracom has completed a ¥2.4bn financing agreement with World Innovation Lab, Infinity Venture Partners and other parties.
The company’s communications platform is an IoT-focused mobile service that enables affordable, secure and programmable communications. It had more than 2000 customers as of the end of April 2016 and the service was launched in September 2015. Customers include businesses in various industries, from manufacturing to retail, and of a variety of different scales, from large-scale companies to small- and medium-scale companies and venture start-ups.
In addition, 150 companies have already registered for the Soracom Partner Space, the company's partner ecosystem, and 30 of these are SPS Certified Partners, working to assist in the construction of IoT systems for a variety of customers.
The new funds raised by this financing effort will mainly be used towards rapid global deployment and the expansion of services and features based on customer needs.
A total of ¥3.1bn in financing has been raised since the company's founding in 2015.
The IoT platform provides SIMs for data transmission as an MVNO (mobile virtual network operator). The platform also provides integrated mobile communications and cloud services. The platform features bare-bones base fees and data transmission service fees. Without service fees for data transmission being included in the base fee, the data transmission that used is available on a pay-as-you-go basis, thereby letting users avoid unnecessary costs.