Sigfox, former French Star of Connected Objects, placed in receivership

Sigfox, former French Star of Connected Objects, placed in receivership

Not everything is pink in the world of French tech. At a time when France and the government claim the counting of votes, each week, a new « Licorice» Furthermore, these start-ups, valued at more than $1 billion (896 million euros), are struggling Sigfox, a star of French technology in mid-2010. A company specializing in networks for connected objects was placed in receivership by the Commercial Court of Toulouse on Wednesday, 26 January. Its debt is 153 million euros, including 118 million in financial debt.

observation period of six months given by the court “Thanks to the implementation of the settlement plan, the long-term growth of SigFox should make it possible to offer new buyers with the potential to work and maintain jobs”, explains the company in a press release. Located in Lebege (Haute-Garonne) near Toulouse, Sigfox employs about 300 people, 250 of whom are in France. The company will preferentially target industrial buyers interested in its in-house technology.

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In 2009, Sigfox was the initiator of a telecommunications network called “0G”, co-created by Ludovic Le Mon and Christophe Foret. Its principle: low frequencies that make it possible to connect objects (transport pallets, measuring instruments, etc.) with low energy and bandwidth consumption.

In total, 300 million euros were raised

But Ludovic Le Moan wanted to hit hard: a global network, if nothing else, that required significant financial resources. SigFox, which had openly dreamed of going public, raised a total of around 300 million euros from well-known investors: BPfrance, European Investment Bank (EIB), Idinvest Investment Fund, PartTech or Elliott.

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Manufacturers have been seduced, such as Total, through its venture capital fund Total Energy Ventures, Intel or Horizon, the investment company of Henry Sedoux, founder of drone maker Parrot and son of Jerome Sedoux (Pathé). The company also had a prestigious board of directors, chaired by Anne Lavergen, former chairman of the Areva Management Board.

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But that was not enough. While SigFox has spent its money building its network in France, Germany and the United States, complemented by agreements with local partners in 75 countries, customers have, in any case, not enough to cover operating costs. .

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About the author: Seth Grace

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