Sonim Raises $37M in Equity, Debt Capital
Tuesday, December 05, 2017 | Comments

Sonim Technologies raised $37 million in capital from B. Riley Financial, a diversified financial services company. The funding includes $27 million of equity capital and $10 million of subordinated debt capital through a revolving credit facility.

Sonim manufactures rugged smartphones and devices for the public-safety sector. A recent report by Inkwood Research projected the global public-safety and security market to increase to $537.2 billion by 2024 at a compound annual growth rate (CAGR) of 10.91 percent between 2016 and 2024.

The proceeds of the financing will be used in part to fund several growth opportunities, including Sonim’s public-safety platform that will provide devices to first responders and in part to repurchase stock from existing stockholders.

“Sonim is committed to innovating the best ultra-rugged cellphones to meet the increasing demands of workers in rugged, commercial and public-safety markets around the world,” said Bob Plaschke, CEO of Sonim Technologies. “With this financing from the team at B. Riley Financial, Sonim has added resources to build the additional solutions the public-safety market desperately needs to keep first responders safe and to support the rollout of dedicated broadband networks across the U.S.”

The capital will also be used to support additional growth initiatives including supporting ruggedized internet of things (IoT) and advanced artificial intelligence (AI) capabilities for the Fortune 1000 industrial companies that deploy Sonim’s devices throughout their organizations.

As part of the financing, Kenny Young, CEO of B. Riley Principal Investments, and Alan Howe from Broadband Initiatives joined the Sonim board of directors.

“We are pleased to have been able to assist and provide a multitude of services to Sonim,” said Bryant Riley, chairman and CEO of B. Riley Financial. “Our history with Sonim, combined with our experience and the firm’s diverse platform, enabled us to source an effective solution that will advance Sonim’s business objectives.”

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