Israeli Internet of Things (IoT) 5G connectivity company floLIVE today announced the completion of a $15.5 million Series B financing round led by Intel Capital, with participation from existing investors Qualcomm Ventures LLC, Dell Technologies Capital, 83North, Saban Ventures and Arie Capital. This brings to $37 million, the total amount raised by the company and the new funds will enable floLIVE to roll-out its new global 5G network.
Headquartered in London and with its development center in Israel, the company provides secure, cloud-native global connectivity management solutions for the Internet of Things (IoT). floLIVE was founded by head of business development Rony Cohen, VP R&D Boris Shagalov and VP Global Sales Daniel Goldberg and is headed by CEO Nir Shalom.
Shalom said, "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. 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."
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.
Published by Globes, Israel business news - en.globes.co.il - on July 1, 2021
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