Smart city innovator Ubicquia has announced it has completed its US$30 million Series C funding round with participation from Florida-based Fuel Venture Capital and existing investors. The Series C growth investment is focused on accelerating Ubicquia’s small cell and smart grid product offerings, along with increasing its working capital to address expanded manufacturing and order volumes.
Ubicquia’s smart city platforms simply plug into existing streetlights to provide critical services, including advanced light control and video AI to optimize traffic management and enhance public safety. Ubicquia’s communication platforms deliver public wi-fi, private LTE and small cell solutions that plug into a streetlight photocell socket, install in minutes and are barely seen from street level. Ubicquia’s smart grid platforms are designed to help utilities harden their utility pole and distribution transformer networks while delivering valuable real-time data for monitoring critical infrastructure.
“This US$30 million in growth capital will allow Ubicquia to accelerate our solutions that are addressing critical needs of cities and utilities globally in the areas of energy savings, transportation optimization, public safety and monitoring of critical infrastructure,” says Ubicquia CEO Ian Aaron. “Our public wi-fi, private LTE and small cell solutions that simply plug into existing streetlights are helping communities and school districts more rapidly and cost-effectively address Covid connectivity concerns and bridge the digital divide.”
Ubicquia is now deployed in more than 100 cities and has expanded its global footprint with deployments in Mexico, Colombia and Chile. Earlier this year, Ubicquia acquired leading smart city platform CityIQ from GE Current with more than 8,000 Edge AI cameras deployed across the U.S. and Canada to enhance traffic optimization and public safety. The acquisition broadens Ubicquia’s offering, expands its SaaS revenue base, adds 25 new patents to its IP portfolio and brings a team with significant AI experience in the municipal and public safety sectors.
“Under the leadership of Ian and the guidance of an experienced board of directors, Ubicquia has exponentially expanded its reach and abilities and shown enviable aptitude in leveraging opportunities in major cities in need,” says Maggie Vo, Fuel Venture Capital managing general partner and chief investment officer and Ubicquia board observer. “I look forward to exploring more opportunities across the globe.”
The investment in Ubicquia is the latest deal for Fuel Venture Capital, one of the most active VC firms in the southeastern U.S. Fuel Venture Capital in Q1 led two of the largest funding rounds in Florida thus far in 2020: a US$25 million seed raise by Boca Raton-based PredaSAR, and a US$7.5 million round by Miami micromobility startup Bolt Mobility.