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Virgin Money and Eseye make an IoT investment


IoT

Virgin Money Eseye make IoT investment

Eseye, a global Internet of Things (IoT) technology services provider, and Virgin Money have finalized a £10 million growth finance package. The company will be able to accelerate its expansion goals in 2024 and beyond with the aid of this new package.

Eseye specializes in providing cellular IoT connectivity solutions worldwide. The company's eSIM and connectivity platform technology helps top companies globally connect millions of IoT devices, such as smart machines for vending, medical equipment, EV charging units, and payment devices, to over 700 mobile networks, ensuring nearly 100% connectivity uptime to any device, anywhere in the world. Eseye's customers includes a number of globally recognized companies, including Amazon, Shell, Bosch, and Costa Coffee.

The investment package, backed by the Venture Debt team at Virgin Money, will enable Eseye to develop and advance IoT connection technologies going forward. The money will be used by the business to assist global customer expansion efforts, invest in technology R&D, and capitalize on impending modifications to the GSMA's (Global System for Mobile Association) standards for Internet of Things devices.

"We were thrilled to secure this extra growth funding from Virgin Money, which reinforces our business strategy and increases the expansion potential for our leading-edge IoT connectivity products and services in the market," stated Tony Byrne, Chief Financial Officer of Eseye. We are thrilled to work with the Virgin Money team as one of our primary investment partners in order to support our continued expansion.


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