Smart city solutions firm Telensa bags $18m in funding
Developer of smart city control applications will use funding to fuel expansion and meet growing demand for its products
Telensa, a provider of smart city solutions, has clinched $18m in its first external investment round including equity funding from Environmental Technologies Fund and debt funding from Silicon Valley Bank.
Founded in 2005, Telensa develops wireless smart city control applications including a smart streetlight solution that is used with over 50 city and regional networks in eight countries around the world, covering one million streetlights.
The company has said it is currently experiencing strong demand growth in three areas: energy-efficient LED street lights, streetlights as a low-cost hub for smart city sensor applications such as weather and pollution monitoring, and applications that connect to a city’s ‘Ultra-Narrow-Band’ network including a smart parking solution.
The finance will be used to support Telensa’s ongoing expansion as it looks to meet growing demand in the smart cities market.
Will Gibson, CEO Telensa, said: “The smart city controls market is awash with pilot applications looking for a business case, LPWA networks waiting for a critical mass of devices, and vendors hoping for a path to profit.
“We’re different. Our networks are proven at commercial scale and our applications are sold on a sustainable business case. This investment is recognition of Telensa’s success and enables us to expand to meet the growing demand for our solutions.”
Patrick Sheehan, founder and partner at Environmental Technologies Fund, commented: “Smart city technologies are about harnessing previously isolated information and infrastructure to drive energy efficiency, automation and better decision-making.
“Telensa’s success is built on robust wireless technology and an application business case that works for the whole ecosystem. We look forward to helping the team accelerate the growth of this thriving business.”