PRESS RELEASE: Accion’s Frontier Investments Group Invests in Eseye
Tuesday, July 29, 2014
Washington, D.C., July 29, 2014 – Accion, a pioneer and leader in bringing financial services to the underserved, today announced that its Frontier Investments Group has become the first institutional investor in Eseye Ltd, a global machine-to-machine (‘M2M’) technology and service provider, with a participating investment in its $9.0 million Series B financing round.
A major impediment to providing the underserved with basic services such as electricity, or with devices such as water pumps or solar lamps, is that these populations lack credit and the means to consistently pay for goods and services. Eseye’s solutions enhance financial inclusion by enabling new prepaid and pay-as-you-go service models for products and services. These models are being made possible through Eseye’s proprietary M2M technology, allowing these devices to be managed remotely and integrated into payment networks.
The Internet of Things (‘IOT’), of which M2M connectivity is a key component, has been named one of the most disruptive technology trends of the coming decade. Roughly 9 billion devices are currently connected to the Internet globally. Eseye leverages a nearly ubiquitous global cellular network to make devices “smart,” using sensors, gateways and proprietary technology to ensure robust and reliable wireless connectivity to collect and transmit data to clients operating in a range of markets, including energy, financial services, telecommunications, transportation and healthcare.
“Eseye’s M2M solutions are enabling exciting new pay-as-you-go asset financing and prepaid models that give the poor in emerging markets access to critical, life-enhancing goods and services they would not otherwise be able to afford,” said Jonathan Whittle, Managing Director of Frontier, who will join Eseye’s board of directors as part of the transaction.
One of Eseye’s customers, M-KOPA is a leading solar energy device provider in Africa and integrates Eseye’s device management solution with mobile money networks, allowing M-KOPA to remotely control access to its devices when payments are made. Eseye already enables the micro-financing of solar power solutions to over 100,000 households in Kenya through M-KOPA, with plans to connect 1 million solar devices by 2018. Building on the success in Kenya, Eseye is currently expanding its pre-paid electricity metering services to customers across Africa, India and Asia Pacific, and is pioneering healthcare service solutions within Africa.
“Connecting devices to the Internet will empower people, improve quality of life, provide safer communities, conserve scare resources and drive economic growth.” said Julian Hardy, CEO of Eseye. “We are thrilled to work with Accion’s Frontier Investments Group, given their experience accelerating new technologies that can help expand access to financial services.”