Smart city electronics startup Ubicquia is going global after securing $25 million in debt and working capital from Silicon Valley Bank.
The company plans to expand its smart city and grid platforms to Europe and Asia after the capital injection, said CEO Ian Aaron. The funding will also ensure Ubicquia can meet its supply chain demands – which has been constrained due to pandemic-tied interruptions – as it expands its product portfolio and customer base.
"[Silicon Valley Bank] has been our working capital partner as we started our journey in the U.S.," Aaron said. "We are now strengthening our partnership as we expand further into Latin America and explore new distribution across Europe and Asia."
Founded in 2014, Ubicquia now has 150 employees across its Fort Lauderdale headquarters, software and artificial intelligence base in Montreal, and remote sales and field engineering teams. Last year, the venture closed a $30 million financing round led by Coconut Grove-based Fuel Venture Capital.
Ubicquia reports its technology can be used to make municipalities safer and more energy efficient through the use of "smart" streetlight controls; tilt and vibration monitoring for utility poles; real-time air quality monitoring and more. The company's product line includes the UbiCell, a smart streetlight controller and the UbiHub, a device that can make a streetlight a wireless internet access point.
“Ubicquia’s platforms are necessary tools in building smart, connected cities," said Dale Kirkland, managing director at Silicon Valley Bank. Last month, the California-based bank revealed plans to establish an office in Brickell that will be a hub for its Sunshine State investment operations.
The startup's technology is already being used by 200 cities, including Sunny Isles and Lake Worth Beach. Most of that demand is coming from municipalities that want to improve their energy savings and expand broadband access, and from mobile operators that want to boost 4G and 5G access to support the growing number of internet of things devices – like internet-connected kitchen appliances and AI voice assistants – coming online.
“Ubicquia’s platforms are necessary tools in building smart, connected cities," said Dale Kirkland, managing director at Silicon Valley Bank.
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