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Truphone raises $38M in funding amid eSIM growth

Having provisioned over 4 million eSIM profiles globally, Truphone is now valued at $516 million.

April 14, 2020

3 Min Read

Today, Truphone has announced it has secured £30 million in funding from its existing investors to further develop and accelerate its software solutions to the market.

This latest round of funding values the company at £410 million.

It is targeted primarily at Truphone's burgeoning software division: to enhance software development and network upgrades; to ensure the business is equipped to deliver on further acceleration; and to support an expanding worldwide presence, particularly in North America and Asia Pacific.

Having successfully broken even as an MVNO in September 2019, Truphone is focusing sharply on its SIM software business, which is growing rapidly. From provisioning its first eSIM in September 2018, Truphone has now provisioned over 4 million eSIM profiles globally to consumer and IoT devices, with 20,000 eSIMs being downloaded every day.

Ralph Steffens, CEO Truphone said: "We have long championed eSIM as the superior method of connectivity, and its immensely rewarding to reap the benefits of this decision. We are delighted that our investors continue to support us as we develop this technology which is maturing and accelerating all the time. Backed further by our investors, the future looks bright for Truphone, our partners, customers and a better-connected world."

Enhanced software suite
Having raised £18m in October 2018, Truphone has enhanced its software suite to offer a fully accredited eSIM technology stack for mobile operators, device makers and chip manufacturers. Truphone is now ranked in the top three eSIM providers globally, according to independent research, thanks largely to the success of the following solutions.

Truphone Io3 offers an eSIM operating system (SIM OS) which can be loaded onto different flavours of eUICC and iUICC (iSIM) hardware, including the ST Microelectronics ST33 chipset. The Truphone eSIM OS is a component-oriented, high-performance embedded operating system, fully compatible with most international and industry standards such as ISO, GSMA, Oracle's Java, Global Platform, 3GPP and ETSI.

Truphone and Synopsys have collaborated to combine Synopsys' tRoot HSM for iSIM with Truphone's SIM OS. Together, it provides the necessary hardware, software, and services needed to enable mobile network operators and product manufacturers to securely connect and manage devices in worldwide cellular networks.

Remote SIM provisioning
Following successful accreditations from the GSMA, UL and GlobalPlatform, Truphone is now providing secure remote SIM provisioning services via two sites (in the UK and the Netherlands). Truphone's platform works with any mobile network operator, is interoperable with any eSIM and supports consumer and M2M eSIM deployments.

Since launch, Truphone has onboarded 25 mobile network operator customers—supporting more than 200 million profiles to date.

Entitlement Server
Earlier this year, the company also launched its entitlements server, allowing network operators to rapidly integrate with iOS and Android devices. MNO clients around the world require this solution to enable Apple Watch to their customers as well as a growing number of consumer and IoT devices. The onboarding of the first customer is well underway while many other contract are nearing completion.

eSIM software
Truphone's software is also being leased by several multinational companies across the electronics supply chain including Synopsys, Digi-Key, Murata, Sequans and ST Microelectronics—allowing OEMs to future-proof their devices and offer truly global remote activation, straight out of the box.

IoT connectivity
In the IoT space, businesses such as Shell-backed telematics scaleup MachineMax, global broadcaster Fox Sports and connected camera provider Spypoint are also using Truphone's technology including its eSIM software and global connectivity.


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