UAE IoT Startup iWire Secures $34 Million Investment
The funds will allow iWire to rev up its development and penetrate new markets over the upcoming years.
UAE-based Internet of things (IoT) startup iWire has raised a mammoth $34 million in a Series A funding round led by Noor Capital with participation from Bpifrance.
Founded in April 2019, iWire establishes communications networks that stretch country-wide to power IoT functions. Its network gives large scale businesses that help operate smart cities, utility companies, smart facilities, and logistics service providers the power to deploy massive IoT solutions quickly and in a cost-effective way.
Ahmed Fasih Akhtar, CEO of iWire, said that “at iWire, we offer to our customers, an alternative to legacy connectivity solutions, which enables successful digital transformation at a lower cost of ownership. Our solutions contribute to our customers’ business efficiencies as well as their satisfaction.”
Commenting on the new investment, he said this “is only the beginning of our journey and a great sign that we are on the right track. We are proud to have the trust of such an investor and we will continue expanding our network and our products to transform the digital infrastructure in the region.”
The funds will allow iWire to rev up its development and penetrate new markets over the upcoming years. The funds will also go towards expanding its reach across 12 countries by building a digital communication infrastructure powering massive IoT coverage.
