Eseye Ltd, a leading provider of technology services for the Internet of Things (IoT) market, is initiating a major growth strategy to enhance its business with the backing of Clydesdale and Yorkshire Bank’s Growth Finance team.
Using a £4.24 million venture debt funding package from the Bank, Eseye, which is headquartered in Guildford and specialises in machine-to-machine (M2M) cellular connectivity for IoT delivery, will expand its global sales team to build its pipeline of prospective clients, hiring over 30 new staff by 2022, as well as adding extra services to its existing product base, boosting its presence in its core markets; the EU, USA, Brazil, Australia and Africa.
IoT is a network of tangible objects (things) that are connected through the internet to exchange data, without human interaction. Eseye’s award-winning technology helps businesses to 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 over 400 cellular networks and also enables clients’ devices to switch network automatically to stay connected, maintaining up-time, eliminating the need for them to manually enter passwords and connect devices. 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.
Nick Earle, Chief Executive Officer at Eseye, commented: “Eseye is building the world’s leading mobile network switch in the cloud. 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 and 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 we know it today, it’s now backed by Fintech venture capital firm Quona Capital Management and has more than 1,000 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 IoT.
Usman Ali, Director from the Bank’s Growth Finance team, said: “Eseye has been working on delivering IoT solutions since the concept first came into public consciousness around a decade ago. 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 and 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.”
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