Eseye, a provider of technology services for the global Internet of Things (IoT) market, has finalised a £10m growth funding package with Virgin Money. This new package will help the business spearhead its continued plans for growth in 2024 and beyond.

Eseye specialises provides global cellular IoT connectivity solutions. The company’s eSIM and connectivity platform technology helps leading businesses across the globe to connect millions of IoT devices, such as smart vending machines, medical devices, EV charging units and payment devices, to over 700 mobile networks to deliver nearly 100% connectivity uptime to any device, anywhere in the world. Eseye’s has several high-profile global brands as customers, such as Amazon, Shell, Bosch and Costa Coffee.

The investment will be put towards improving IoT connectivity technology

The funding package, supported by Virgin Money’s Venture Debt team, will help Eseye to continue grow and improve IoT connectivity technology. The company will use the funds to invest in technology research and development and support expanding customer reach internationally, as well as take advantage of upcoming changes in GSMA’s (Global System for Mobile Association) standards for IoT devices.

Andrew Stirrat, Senior Director of Venture Debt at Virgin Money, commented: “Eseye is a great example of how continued investment and a strong growth strategy can help ensure a company remains at the forefront of its sector. The business has seen a fantastic level of growth in recent years and with the plans it has in place for 2024 and beyond, we are very optimistic this will continue. At Virgin Money we aim to ensure businesses have access to key specialists and for more than a decade we have been providing this service to help businesses achieve their ambitions. We are delighted to support Eseye in the next stage of its growth story.”

Tony Byrne, Chief Financial Officer of Eseye, said: “We are delighted to secure this additional growth investment from Virgin Money, which validates our business strategy and the growth potential for our leading edge IoT connectivity solutions in the market. We look forward to working with the Virgin Money team as one of our key investment partners to support our future expansion.”

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By GlobalData