floLIVE, a provider of secure, cloud-native global Connectivity Management Solutions for the Internet of Things (IoT), recently closed a $15.5 million investment as part of its Series B financing round. The investment was led by new investor Intel Capital, with participation from existing investors Qualcomm Ventures LLC, Dell Technologies Capital, 83North, Saban Ventures and Arie Capital.
The IoT company receives extended funding in Series B round to a total of $37 million, enabling the rollout of its new global 5G network.
The allocation of unlicensed cellular bands for public use was initiated in the US with the introduction of the Citizens Broadband Radio Service (CBRS) and is becoming a global trend as additional countries such as Germany, UK and others follow.
These initiatives, alongside the growing need of enterprises for secure, high performance connectivity, have resulted in a fast-growing demand for private 5G networks. This provides customers with a viable alternative to VPN and Wi-Fi connectivity that is more secure and cost-effective than traditional legacy connectivity approaches.
5G cellular networks comprise two major building blocks – the Radio Access Network (RAN) and the Core Network (CN). floLIVE’s 5G Core Network can be deployed using Private RAN when in closed campuses and connect to the public RANs deployed by national carriers for national deployments required by national utility companies.