FloLIVE, a London-based startup working on internet-of-things connectivity, has raised a $21.5 million Series B round led by 83North, with participation from Dell Technologies Capital, Saban Ventures and Qualcomm Ventures.
Founded in 2015, floLIVE has built its “Connectivity Management Platform,” which consists of core networks that are distributed around the world but centralised and managed in the cloud. The system allows enterprise users to connect any device locally, securely and reliably — while complying with evolving regulations.
“We are witnessing a growing demand for seamless, global and secure connectivity services among enterprises and are in a great position to serve this market with our advanced platform and deep market understanding,” said Nir Shalom, the company’s newly appointed CEO. “Many solutions in the market provide some of the required elements, but no single vendor offers a holistic service like ours.”
The IoT startup believes the growing demand stems from a shift in enterprise offerings, citing that enterprises are moving from product sales to service sales, chasing recurring revenues and customer longevity. To successfully sell and provide services at scale, these organisations need devices that are always connected, secure and compliant with each country’s regulations.
With the new funding, floLive plans to strengthen its market position in Europe, Asia, and North America. The company’s last round was a $4.2 million Series A in 2017.