Truphone, a London, UK-based global mobile network that operates its service internationally, is to receive up to £54m in funding.
The financing includes:
– £18m in unconditional funding through a successful rights issue valuing the company at £386m, and
– a further £36m secured based on the same valuation on a conditional basis.
The company intends to use the funds to scale its eSIM and IoT technology offering.
Led by Ralph Steffens, CEO, Truphone offers the remote SIM provisioning platform that enables mobile operators, OEMs and chip/SIM manufacturers to roll out support for eSIM enabled devices by providing a complete “as-a-service” solution, and Mobile Recording, which enables financial services businesses to record and store mobile communications.
Its strategic partners now include:
– Synopsys, which has integrated Truphone’s eSIM technology into its chipset designs;
– Apple, which chose Truphone as the only carrier to offer global data, voice and text plans on the iPad and iPhone digital eSIM; and
– Workz Group, a SIM manufacturer, to whom Truphone now licences its GSMA-accredited remote SIM provisioning platform and SIM operating system (OS).