SEGRON Announces New Funding Round to Expand Into Industries Building Back From COVID-19 and Accelerating Digital Transformation
SEGRON, a leader in the next generation of active testing, today announces the completion of a new round of funding, bringing total capital raised to-date up to $10million. The funding round, led by OTB Ventures and Credo, comes amid significant momentum for the business, having achieved a leadership position in automation services for the telecoms industry. Proceeds from the raise will be used to fund international growth and expand into new industry verticals that are seeing a resurgence of demand and accelerated digital adoption as a result of the progression of the Covid-19 pandemic.
International scale to capture a $35bn market opportunity
SEGRON offers automated solutions to test new digital services in any location, with any device, anytime. SEGRON’s leadership position in test automation solutions for the telecoms ecosystem enables operators including Telefonica, T-Mobile Group and Swisscom to ensure optimal service quality for end-subscribers while enabling faster go-to-market for next-generation 5G and IoT services.
SEGRON’s success with telecoms operators in the European Union is now attracting attention from a wide array of international players in the global telecoms market. With Covid-19 increasing demand for telecoms services SEGRON has become an attractive partner for telecoms operators facing increased pressures to roll out next-generation networks at pace. This includes expansion into North America with a new agreement with a Canadian telecoms operator. In the year ahead, SEGRON is expecting to expand its global presence further to Middle East and Africa and the Asia-Pacific region.
Expanding from telecoms industry to e-commerce, automotive and consumer electronics
Automated testing also enables businesses undergoing rapid digital transformation to accommodate the growing list of testing requirements to ensure a high-performing user experience. SEGRON’s leadership in the telecoms industry has built momentum to expand into e-commerce, automotive and consumer electronics, with the first major OEM announced in the consumer electronics industry today as global handset manufacturer. The advanced AI based testing automation solution helps to keep pace with the mobile devices evolution, ensuring day 1 availability even with pre-released devices for testing automation.
Today’s new funding enables SEGRON to further expand into these adjacent industries and deploy automated testing solutions to enhance the end user experience while shortening the time-to-market for new products and services. In the next few years, the Company will focus on AI and anticipates the launch of a new product, Global Service Enabler in April 2021 which helps verify the performance of digital services over international and roaming networks from any location.
With the market dynamics in telecoms and new industry verticals, SEGRON anticipates growing by over 300% in the year ahead to achieve annual recurring revenues in excess of $5m on a run-rate basis.
According to Global Market Insights, the automation testing market is expected to grow at 15% CAGR between 2020 and 2026, reaching an estimated global market value of $35bn.
Hiring new talents for accelerated growth
In conjunction with today’s new funding round, SEGRON also announces the appointment of three new executives to the senior management team - Jean-Philippe Leloup joins as Deputy Chief Executive Officer, Rita D’Agostino joins as Chief Marketing Officer and Martin Hochmeister joins as Chief Revenue Officer.
Martin Hochmeister joined with leadership experience in technology business environments, most recently with automation business Scanpoint GMBH where he ran sales and marketing as the business scaled-up its growth within Europe. Rita D’Agostino joined SEGRON with international experience in digital marketing and big data. Rita’s background is in the automotive industry, with a career spanning Fiat Chrysler Automobiles, Kia Corporation and Maserati.
Jean-Philippe Leloup joined SEGRON from IDI Group LLC, an investor in early stage companies playing an active role in business development and value creation. Similar to Rita D’Agostino, Jean-Philippe previously worked in the automotive industry, leading Ferrari's business operations in central and eastern Europe before building Maserati Commercial as a new division within the Italian automaker.
Wireless connectivity in the automotive industry makes SEGRON a highly compelling partner for automotive OEMs looking to adopt technologies ranging from automated robotic assembly lines to self-driving cars. The vast bandwidth and low latency of wireless communication between devices and control systems require continuous and fully automated testing, creating a new market opportunity for SEGRON’s automation solutions.
As SEGRON looks to expand its industrial scale in new industries and international markets, it is anticipated that its workforce will increase by 30% by the end of 2021.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210406005984/en/
Contact information
Rob Mindell / Valerija Cymbal
FTI Consulting
T: +44 20 3727 1000
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Colicity Inc. Announces the Separate Trading of its Class A Common Stock and Warrants, Commencing on or about April 16, 202116.4.2021 15:30:00 CEST | Press release
Colicity Inc. (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 34,500,000 units, including the underwriters’ exercise of their full over-allotment option for 4,500,000 units, completed on February 26, 2021 (the “Offering”) may elect to separately trade the Class A common stock and warrants included in the units commencing on or about April 16, 2021. Any Units not separated will continue to trade on The Nasdaq Capital Market under the symbol “COLIU,” and the Class A common stock and warrants will separately trade on The Nasdaq Capital Market under the symbols “COLI” and “COLIW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A common stock and warrants. This press release shall not constitute an o
Evobrutinib is the First and Only BTK Inhibitor to Demonstrate Reduction of a Key Biomarker of Neuronal Damage and Inflammation in Patients with MS16.4.2021 10:00:00 CEST | Press release
Merck, a leading science and technology company, will present data from a Phase II placebo-controlled randomized trial at the 2021 American Academy of Neurology (AAN) Annual Meeting showing that the investigational Bruton’s tyrosine kinase (BTK) inhibitor evobrutinib significantly reduced blood neurofilament light chain (NfL) levels, a key biomarker of neuronal damage and inflammation, in patients with multiple sclerosis (MS). Elevated blood NfL levels have been shown to be associated with damage to neurons and inflammation and may predict future brain atrophy and disease progression. “Blood NfL is a biomarker that may allow monitoring of disease activity and treatment response, which could be less burdensome and more sensitive than other standard clinical measures for MS patients,” said Prof. Jens Kuhle, MD, PhD, Head Multiple Sclerosis Centre, University Hospital Basel. “These data provide key insights into the role evobrutinib may play in modulating the clinical course of MS and fur
IFF Presents “Learning Labs” Video Series to Demonstrate Potential of New Company15.4.2021 22:15:00 CEST | Press release
IFF (NYSE: IFF) today introduced a new “Learning Labs” video series, featuring in-depth discussions with the leadership of the company’s segments and R&D function. Each video provides a comprehensive overview of IFF’s robust portfolio and enhanced capabilities following its recently completed merger with DuPont’s Nutrition and Biosciences (“N&B”) business. The complete “Learning Labs” series can be found here: ir.iff.com/events-presentations. In addition, IFF has also provided segment-level financial detail based on 2020 pro forma results. “As a global industry leader of high-value consumer ingredients, we are pleased to provide a closer look into our capabilities, operational model and future growth potential,” said Andreas Fibig, IFF Chairman and CEO. “Stakeholder communication remains essential to IFF’s continued growth, and since combining with N&B, we have continued to explore new ways to meaningfully connect with our investors. The insights shared through our ‘Learning Labs’ seri
Algorand and BridgeTower Capital Announce Strategic Partnership15.4.2021 22:14:00 CEST | Press release
BridgeTower Capital, a global private equity firm, focusing on traditional private equity investments and blockchain and DeFi markets, announced today a partnership with Algorand. Algorand, the creator of the world’s first pure proof-of-stake foundational blockchain, is a leading blockchain technology company accelerating the convergence of decentralized and traditional finance. BridgeTower will use Algorand’s technology as the underlying blockchain solution to issuance of the BridgeTower Capital tokenized digital security. It will also use Algorand as a preferred blockchain for BridgeTower products and services. Beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts. “Algorand was a clear choice given their technology, team and leadership position in the digital marketplace,” said
BridgeTower Capital Launches Security Token Pre-Offering and Announces Global Expansion With Key Partners15.4.2021 18:00:00 CEST | Press release
BridgeTower Capital, a tokenized global private equity firm, has launched a private Security Token Pre-Offering (STO) culminating 12 months of work to purposefully assemble a team of world-class partners to participate in the blockchain infrastructure and services marketplace in the rapidly growing world of decentralized finance (DeFi). BridgeTower also announced it has formed a Zurich-based entity to further expand its current offering of blockchain infrastructure products and services. BridgeTower launched its Private -STO campaign earlier this week, which provides an opportunity for accredited investors to purchase shares in the company in the form of a digital security. BridgeTower has received active participation already and is seeking to raise $200 million in this initial raise. “We are seeing a global confluence of public and private digital finance markets being fueled by the adoption of blockchain technologies. This is creating unique opportunities for those who can assemble
Cryptology Asset Group p.l.c. successfully completes a share capital increase and sale of treasury shares and reviews options for financing further growth15.4.2021 16:49:00 CEST | Press release
Cryptology Asset Group p.l.c. (ISIN: MT0001770107; Ticker: CAP), a leading European investment company for blockchain- and crypto-related business models, has successfully completed its cash capital increase by issuing 128,375 new shares and the additional sale of the entire amount of 31,625 treasury shares to institutional investors. At a fixed price of EUR 200.00 per share each, the Company will receive total gross proceeds of EUR 32.0 million, which will be used to invest in new portfolio companies from the Cryptology pipeline. The Company is also exploring the possible acquisition of crypto assets, such as Bitcoin, as part of its treasury management strategy. To finance further growth, Cryptology is also currently reviewing various options to raise additional capital, such as through the issuance of a convertible or a straight bond. ICF BANK AG has been commissioned to conduct a market review. Management will make the final financing decision based on investor feedback and the prev
Cryptology Asset Group p.l.c. resolves a cash capital increase and sale of treasury shares15.4.2021 16:45:00 CEST | Press release
The Board of Directors of Cryptology Asset Group p.l.c. (ISIN: MT0001770107; Ticker: CAP) today resolved to increase the share capital of the Company by 128,375 new shares and to sell 31,625 treasury shares which is the entire position Cryptology holds of own shares after the buyback done over the last months. Shareholders' subscription rights to the new shares and the treasury shares are excluded. The Company has entered into binding subscription agreements for the entire amount of in total 160,000 shares with several institutional investors. Closing of the transaction is expected for end of April 2021. The capital increase will be carried out in cash contributions and by partially utilizing the existing authorized capital. The share capital of the Company is to be increased from EUR 2,732,500 to EUR 2,860,875 by issuing 128,375 new bearer shares of the Company ("New Shares"). The New Shares will be issued with a pro rata amount of capital stock of EUR 1.00 per share and with full div