Japan-based Internet of Things (IoT) startup Soracom received $5.7 million funding from Pavilion Capital Pte. Ltd., the startup announced yesterday. The private equity fund under Singapore investment firm Temasek Holdings is focused on private equity investments in North Asia. Soracom establishes its local subsidiary in Singapore, Soracom Intenational Pte. Ltd., following the transaction, as it eyes global expansion.
Launched in 2015, Soracom provides an attractively priced, fully customisable and secure mobile telecommunications service dedicated to IoT. Its products include Air SIM, a SIM card that enables IoT devices to communicate with a web console or API using mobile data.
Soracom claims over 2,000 clients have signed up since its launching. The clients include blue chip companies, SMEs and startups in industries such as manufacturing and logistics. It is a mobile virtual network operator (MVNM) and uses Japanese telecom major NTT Docomo’s network. It includes businesses in a variety of industries, from manufacturing to retail, and of a variety of different scales, from large-scale companies to small- and medium-scale companies and venture startups.
In addition, 150 companies have already registered for the Soracom Partner Space, the company’s partner ecosystem, and 30 of these have been certified as SPS Certified Partners, working together to assist in the construction of IoT systems for a variety of customers.
In addition to its recently announced partnership with Mitsui & Co. Ltd., the startup is rapidly expanding through Asia and the world in order to support its clients’ businesses in a global fashion. The IoT firm raised $21.81 million in Series B funding from World Innovation Lab, Infinity Venture Partners, and other investors last month. Soracom, in a statement earlier mentioned that it plans to continue to respond to the voices of its customers in working toward a resonant society that connects people and objects around the world and in contributing to the development of the Internet of Things through its platform.
