The Australian Government is investing A$10 million in Thinxtra to help it scale up its Sigfox Low Powered Wide Area Network (LPWAN) technology designed to connect Internet of Things devices.
Thinxstra was 42 per cent owned by New Zealand listed company Rakon, but that will be reduced to 23 per cent after its current capital raising is complete.
LPWAN technology is cheaper, produces less emissions and provides longer battery life for devices which only need to transmit small amounts of data and require intermittent internet connectivity.
The technology provides businesses with a low-cost solution to track and monitor equipment such as large volumes of pallets, waste containers, gas canisters, farm gates and livestock.
Thinxtra is aiming to connect 17 million objects by 2022 and is on track to provide a network that covers 95 per cent of Australia’s population by the end of year. More than 150 Australian business have already started using Thinxtra’s network.
The investment is being made through the Clean Energy Innovation Fund which is operated by the CEFC in conjunction with the Australian Renewable Energy Agency to drive innovation in clean energy technologies.
The investment was made as part of a $20m series B capital raising and gives CEFC about 15 percent equity.
Yesterday, Rakon chair Bryan Mogridge told investors Thinxtra was in the closing stages of its capital raising which valued the company at A$66 million.