IoT network provider Sigfox has expanded into Puerto Rico via a service provider agreement with local private equity firm, The Phoenix Fund. The new Sigfox Puerto Rico operation will also have support from Sigfox’s US-based business.
The Phoenix Fund was established in 2018, as a financing vehicle for local companies to foster economic development. The fund invests in certain vertical, including insurance and financial Services, technology, pharmaceuticals, energy, and real estate.
The group has purchased a ‘technological platform’ and exclusive operating licence for Puerto Rico. It is looking to provide ultra-narrowband coverage for the whole island, to make its the “next smart country”.
Jose Rodriguez, chief executive at Sigfox Puerto Rico, said: “The arrival of this network is a catalyst for the local creation of new businesses, emergent technology jobs and connected solutions, which will in turn lead to a positive economic multiplier effect for the island.
“The use cases and verticals for government, enterprise and consumers are endless. From family pets, to diesel generators, refrigerated cargo and utilities, anything can be interconnected. The future is now.”
Francisco Rivera, president of the Phoenix Fund, said: “IoT connectivity will allow for improved intelligent data management and efficiencies that translate into enhanced profitability for our companies, while creating new value and higher returns for our investors. IoT has the potential to impact every aspect of our lives.”
He added: “Phoenix, alongside Sigfox, will strive to create synergies and cross-pollination opportunities between our portfolio companies and newcomers in our quest to create a New Puerto Rico.”
Sigfox sought to reinforce the global interoperability afforded by the Sigfox network to logistics companies, and others engaging with IoT connectivity between markets, compared to the roaming agreements required by cellular operators, offering equivalent NB-IoT and LTE-M based solutions.
Sigfox has operating companies in 71 countries.
Jeremy Prince, president of Sigfox USA, said: “By choosing Sigfox, the island has become part of an international network that allows them to monitor and track goods and services from anywhere in the world. Customers will have access to a worldwide ecosystem providing best-in-class Internet of Things technology, sensors and connectivity for myriad use cases.”
