One of the leading international mobile cybersecurity providers, WISeKey, announced the closure of its third and last pre-IPO investment round. The World Economic Forum Global Growth Company divided the round into three tranches with the goal of accumulating USD120 million in pre-IPO financing.
The first and second tranches were announced by the firm back in December 2011. The latest USD25 million investment had a USD10 million investment completed in the second quarter of 2013 with the joint venture partner to invest another USD15 million pre-IPO. With the conclusion of the rounds, it is expected to raise another USD40 million before its IPO.
Part of the funds would be used to expand the WISeKey headquarters in the United States. There is also a plan to expand into the BRIC markets and relocate a major portion of its business activities back to the United States. The company would still be retaining its Switzerland hub, where most of its high end encryption projects for smartphones are developed as well as its research and development offices would be doing their work.
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