US IoT firm Ubicquia secures $25m debt to scale supply, launch in Europe and Asia
US-based IoT provider Ubicquia has entered a new $25 million debt and working capital facility with Silicon Valley Bank (SVB). The facility will be used to accelerate growth, facilitate larger supply chain commitments and manage working capital requirements driven by increasing orders from OEM customers.
SVB has increased the facility more than four-fold to help address Ubicquia’s working capital needs of its growing smart city, utility, and mobile operator customer base in the US and Latin America. Ubicquia plans to broaden its scope worldwide, it said, offering its smart city, connectivity, and smart grid platforms in Europe and Asia.
Ubicquia, based in Fort Lauderdale, makes modular smart lighting control platforms, from which cities and utilities can also hang all manner of sensors and communications technologies, including public Wi-Fi and private LTE. Its platform plugs into streetlight photocell sockets, and is geared to getting cities and utilities to expand into other smart city disciplines, such as traffic management and public safety.
The firm closed a $30 million Series C funding round in September last year, with investment from Florida-based Fuel Venture Capital, plus existing investors. The investment was focused on “accelerating” Ubicquia’s small cell and smart grid product offerings, and expanding its manufacturing capacity.
Ubicquia acquired CityIQ, also focused on smart city digital infrastructure solutions for traffic optimization and public safety in the US, from GE Current in 2020. The company said the new debt facility with SVB will help ensure Ubicquia meets increasing demand as it expands its product portfolio, especially with supply chain constraints impacting global production.
Ian Aaron, chief executive at Ubicquia, said: “We are now strengthening our partnership as we expand further into Latin America and explore new distribution across Europe and Asia. The team at SVB took the time to truly understand the value of our business and platforms to address our working capital needs today and in the future.”
Dale Kirkland, managing director at SVB, said: “We are pleased to work with Ubicquia as it develops and delivers products to strengthen grids and expand wireless access globally. Ubicquia’s platforms are necessary tools in building smart, connected cities.”