Singapore-based Internet of Things (IoT) service provider UnaBiz has announced raising $25 million in its pre-Series C funding round to grow globally and deepen its market penetration.
The funding round, which UnaBiz expects to make a final close by October 2024, was backed by KDDI Open Innovation Fund 3, the corporate venture fund of Global Brain Corp and telco major KDDI; and KYOCERA Communication Systems, a subsidiary of electronics maker Kyocera, according to the announcement.
Nikkei Asia reported last year that UnaBiz was looking to raise $100 million in a Series C round to capture demand from retailers and manufacturers looking for ways to track freight during delivery.
The IoT startup raised $50 million in its Series B funding round, anchored by repeat investor SPARX Group and backed by GK Goh Holdings and Optimal Investment.
UnaBiz said it will use the fresh funds to secure industry growth, accelerate its market share in the gas and water utility segment, and deepen its logistics and supply chain market penetration.
The latest capital injection follows UnaBiz’s acquisition and integration of Sigfox 0G technology, which Henri Bong, the company’s CEO and co-founder, said unlocked fresh opportunities for IoT deployments.
Today, UnaBiz claims to be one of the largest aggregators of massive IoT solutions globally, with 13.5 million devices connected, of which four million were added in the last 24 months alone.
UnaBiz’s competitors include Chinese networking giant Huawei and U.S.-based Semtech.
UnaBiz’s top shareholders
Source: DealStreetAsia DATA VANTAGE
UnaBiz posted $26.72 million in revenue in 2022 and $22.79 million in after-tax losses, according to regulatory filings accessed by DealStreetAsia DATA VANTAGE. It had $89.81 million in assets and $64.43 million in liabilities.
Its major shareholders include Sparx Asset Management, Springtech (BVI), Co Ltd, Global Brain, and Engie New Venture SAS.
Last month, the company launched Sigfox Atlas Sparks Beta, an addition to its geolocation suite, designed to enhance asset tracking in the supply chain and logistics sector.