Newsteo is financing its growth with over €2.1 million raised with CM-CIC Capital Privé and Bpifrance in order to boost its international expansion.
As an innovative French company, Newsteo has been developing solutions for Industrial Internet of Things (IIoT) since 2005 by inventing and designing its own connected sensors. Its hardened wireless systems are particularly popular in the fields of sensitive goods’ storage and transportation (i.e.; cold chain traceability in the pharmaceutical and agro-food industries) and instrumentation for industry and civil engineering.
“With more than 120,000 connected sensors deployed on 5,000 sites in 50 countries, the commercial success of our systems has seduced CM-CIC Capital Privé. It is a great opportunity for us to count them among our partners, alongside our historical shareholders Sofipaca (Crédit Agricole group) and some key Business Angels. Thanks to their financial support and the success of our solutions in both domestic and emerging export markets, we will strengthen and expand our international development by opening sales offices in the main European capitals” said Philippe Guènebaud, President of Newsteo.
“Newsteo operates in a very sensitive market that requires a proven mastery of the technologies provided to users. The products and services developed by the team have demonstrated their reliability. They allow to meet the needs of the old sensors generation renewal but also to comply with increasingly important regulatory constraints. This market context offers a very significant growth potential. We are convinced that the availability of adequate financial resources will allow Newsteo to accelerate the deployment of its solutions while pursuing its development efforts, “concludes Pascal Vallanchon, Member of the Management Board of CM-CIC Capital Privé.
In addition to this fund-raising, Newsteo will receive additional funding from Bpifrance with a FEI Innovation Loan on the one hand and on the other hand with a funding as winner of the Digital Innovation Contest (CIN).