Sonim Technologies, a San Mateo, Calif.-based maker of tough cell phones, raised $37m in funding.
B. Riley FBR, Inc. served as Sonim’s financial advisor raising $27m of equity capital and $10m of subordinated debt capital through a revolving credit facility. B. Riley Principal Investments, LLC, a group that makes proprietary investments in public and private companies, served as the lead investor, syndicating $27m of equity and providing the subordinated debt facility.
As part of the financing, Kenny Young, CEO of B. Riley Principal Investments, and Alan Howe from Broadband Initiatives, LLC have joined the Sonim Board of Directors.
The company intends to use the proceeds to fund several growth opportunities, including its public safety platform that will provide devices to first responders, to repurchase stock from existing stockholders, and support ruggedized Internet of Things (IoT) and advanced AI capabilities for the Fortune 1000 industrial companies that deploy its devices throughout their organizations.
Led by Bob Plaschke, CEO, Sonim is a manufacturer of phones designed specifically for workers in extreme, hazardous and isolated environments. The Sonim solution includes ultra-rugged mobile phones, business-process applications and a suite of industrial-grade accessories, collectively designed to increase worker productivity, accountability and safety on the job site.