July 24, 2018
Press Release | 25.07.2018 | Melbourne
Encapto, the Melbourne based developer of a leading cloud based WiFi and network management platform, announced today that it has raised $3 million in series A funding led by Cygnet Capital.
Encapto technology enables telcos to expand their market share by offering managed network products and services directly to SME clients, a market currently served by independent local service providers.There are also expected to be substantial benefits to network providers in the forthcoming roll out of 5G technology.
“Encapto has quickly been identified as an enabling solution by network equipment manufacturers, creating a new business opportunity that promises rapid expansion,” said Darien Jagger, Executive Director at Cygnet.“It has proven its value to major carrier clients including Telstra, here in Australia, and is poised to take advantage of a global carrier push into the managed services space. It’s exactly the type of business that we like to invest in.”
The financing will be used to further invest in the extensibility of the platform by increasing the range of hardware integrations and enabling functionality such as network security to augment the existing capability of WiFi guest onboarding, engagement, and analytics.“Network service providers are recognising that their customers are looking for complete managed solutions for both internal and external WiFi networks,” said Darryl Clarke, Encapto CEO.“Encapto brings together telco grade hardware and services, often from multiple vendors, to allow managed WiFi services and solutions to be sold to Telco network customers.”
The focus over coming months is technical and services integration, which will increase the range of hardware under the Encapto umbrella, enabling Encapto to deliver complete solutions for resale by major carriers globally.
“As traditional markets reach saturation point, telcos are looking to move into the managed services space,” said Mr. Clarke.“Encapto is perfectly positioned to enable them to do that rapidly and at scale.”
The company was advised by The Fairbairn Partnership.
About Cygnet Capital
Cygnet Capital provide Series A funding solutions for companies with disruptive technologies and global growth opportunities.Typically, investee companies have highly experienced management, well developed technology solutions, require funding for expansion and have a desire to list on the ASX within one to two years.