Thinxtra Closes Series-A Funding Backed by Rakon

9 September 2016

Thinxtra Closes Series-A Funding Backed by Rakon and Major IoT Players

Internet of Things (IoT) start-up Thinxtra has successfully completed its first significant round of venture capital financing, raising AUD11 million within five months of the initial round offer. The main investors include NZX-listed technology company Rakon and a number of private investors, including major players within the IoT space.

Thinxtra board member Brent Robinson, who heads cornerstone investor Rakon, says the successful close of the first round of investment, coupled with the network deployment progress made so far, further reinforced the kiwi tech company’s decision to invest.

“Thinxtra has made rapid progress with the roll-out in New Zealand and Australia. In New Zealand alone, 54% of our country’s population now has IoT coverage, which has been achieved in just five months,” says Robinson.

“We are pleased to cement our position as the largest investor in Thinxtra in this first round. Rakon has been keeping abreast of the IoT space since its inception. Our investment is opening up significant opportunities and the close collaboration with Thinxtra has further strengthened relationships within Rakon’s own IoT eco-system.”

Thinxtra aims to deploy Australia and New Zealand’s first dedicated IoT network using LPWAN* (low-power wide area network) technology developed by French Company SIGFOX. The company is on track to provide coverage to 85 percent of all Australians and New Zealanders by June 2017.

Loic Barancourt, CEO of Thinxtra, SIGFOX Network Operator (SNO) for New Zealand and Australia, says the LPWAN market size in Australasia is estimated to grow substantially.

“It is estimated there will be more than 100 million connected devices by 2025 and SIGFOX expects to represent at least 30% of this new market,” he says.

Mr Barancourt says that Thinxtra is also looking at broadening its territory to include Asia – encompassing the wider Asia-Pacific region.

“We are currently expanding our reach to include the Asia region and we are investigating the options around the deployment of a network there. Working with local manufacturers of devices in this region will also enable us to reduce our costs and develop an international sales base,” he says.

The company is now preparing for the second round of investment, with Series-B starting in October and Mr Barancourt is optimistic about what lies ahead.

“We are currently only just scratching the surface of the huge worldwide potential we have available to us – the future is bright,” he says.

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