floLIVE has raised $47M in a Series C round of funding. The round was co-led by Greenfield Partners and existing investor 83North, with Qualcomm Ventures, Dell Technologies Capital, Saban Ventures, and Hazelnut Partners participating in the round.

floLIVE has created the first and largest hyperlocal global cellular network and is a provider of global connectivity, network and connectivity management platforms for IoT. floLIVE’s hyperlocal global network spans across all continents, offering localised connectivity in a streamlined manner. The globally distributed and API-driven cellular data network serves as an underlying infrastructure for enterprises, OEMs, IoT Service Providers and MNOs.

floLIVE’s solutions are based on a cloud-native software architecture that reduces time to market, guarantees low TCO and provides greater flexibility. The solutions enable high performance and prolonged battery life for LPWA and broadband use cases.

floLIVE will use the funds raised to increase its global footprint by partnering with additional MNOs, expand its multi-IMSI over eSIM technology, launch an integrated satellite connectivity offering and introduce new and innovative solutions to the market such as advanced location-based applications, network-based cybersecurity services, and secure data routing.

The global connectivity market has dramatically changed over the last few years, with OEMs and global enterprises becoming more knowledgeable and more demanding in their global IoT connectivity needs. The need for a modern, highly available global connectivity solution that enables real-time visibility, customisation of network behaviour, cybersecurity protection and regulatory compliance has become a mandatory requirement.

At the same time, Mobile Network Operators (MNOs) who relied on legacy, consumer-oriented platforms are now seeking modern, cloud-based solutions that will not only adhere to the requirements introduced by those global enterprises in a cost-effective way but will also turn their IoT business into a profitable one by generating new business opportunities and achieving better unit economics. Furthermore, they are looking for ways to move away from an over-reliance on roaming agreements, which do not suit all IoT use cases and may be challenged by the wide eSIM adoption.

“We look for highly differentiated infrastructure technologies that can support a robust and modern technology stack on top of them”, said Avery Schwartz, Partner at Greenfield Partners. “After tracking the company and space for some time, floLIVE’s rapid growth adds to our conviction that the company has developed a unique solution that elegantly solves for the full matrix of pain points traditionally plaguing the IoT connectivity market. This solution lays the foundation for new and innovative services that will dramatically change the IoT space as we know it; we are delighted to join floLIVE’s promising journey.”

“The value of floLIVE’s offering becomes increasingly clear when global enterprises are looking for a truly unified, sophisticated global connectivity solution and MNOs are searching for more robust and profitable technology partners,” said Yoram Snir, Partner at 83North.

“This is a really strong vote of confidence from our existing investors as well as new investor Greenfield Partners, reiterating the value of our solution, especially during a tough economic climate where technology investments have been decreasing substantially,” said Nir Shalom, CEO, floLIVE. “We have already transformed the landscape of global IOT connectivity with our hyperlocal, global platform that addresses the needs of both OEMs and MNOs. We’re excited to use this investment to increase our global footprint and deliver more value to our customers.”