Eseye banks £4.24m to fund growth
May 30, 2018
Eseye, a UK provider of technology services for the IoT market, has received £4.24m funding from Clydesdale & Yorkshire Bank to initiate a growth strategy.
Eseye is headquartered in Guildford and specialises in M2M cellular connectivity for IoT delivery. It plans to use the venture debt funding package to expand its global sales team and build its pipeline of prospective clients.
The aim is to hire more than 30 more staff by 2022, as well as adding extra services to its existing product base, boosting its presence in its core markets of the EU, USA, Brazil, Australia and Africa.
Eseye’s technology helps businesses connect their IoT devices, such as smart meters, medical devices, lighting and security systems to any cellular network around the world.
Its patented AnyNet secure cellular technology can work with more than 400 cellular networks and enables clients’ devices to switch network automatically to stay connected, maintaining up-time, eliminating the need for them to enter passwords and connect devices manually. Eseye has nine patents and has developed its own proprietary software. Additionally, the business provides services including real-time IoT data insights, fast cloud integration and cyber security.
“Eseye is building the world’s leading mobile network switch in the cloud,” said Nick Earle, chief executive officer at Eseye. “This will enable IoT devices across the globe to connect seamlessly using cellular connectivity and transmit their data to the customers’ chosen cloud platform. This is an exciting multi-billion dollar market opportunity and we have been delighted to work with Clydesdale & Yorkshire Bank’s growth finance team to plan and execute our funding strategy to achieve this exciting goal.”
The business is a pioneer in the IoT market. Established in 2007, during the infancy of IoT as it is known today, it is now backed by fintech venture capital firm Quona Capital Management and has more than 1000 customers across 190 countries, with over 1.6 million Eseye-enabled devices connected globally. It was the first company to be chosen as an Amazon Web Services (AWS) advance technology partner for the IoT.
“Eseye has been working on delivering IoT solutions since the concept first came into public consciousness around a decade ago,” said Usman Ali, director from the bank’s growth finance team. “As such, they are well placed to help businesses implement IoT effectively, with a proven track record in doing just that. Our growth finance team at Clydesdale & Yorkshire Bank remains committed to funding high-growth technology SMEs like Eseye, which are helping other businesses to adapt to the technologies of the future. We are delighted to support Eseye in the next stage of their growth story.”