There is no shortage of noise in the eSIM market right now. New travel apps, “unlimited” plans, distribution deals. But every now and then, something happens deeper in the stack that actually matters more long term. secure eSIM infrastructure

This is one of those moments.

Kigen, the Cambridge-based specialist in eSIM and Remote SIM Provisioning (RSP) security, has secured €11.5 million (£10 million) in growth debt funding from Salica Investments. On the surface, it looks like another funding round. In reality, it says quite a bit about where the eSIM ecosystem is heading.

Why this funding matters now

Unlike many consumer-facing eSIM brands, Kigen sits in the infrastructure layer. It is the kind of company most travelers will never hear about, but many of the services they use depend on.

The funding is structured as growth debt, not equity. That detail is important. It suggests a business that already has traction and revenue visibility, and is now scaling rather than searching for product-market fit.

“This investment allows us to accelerate our next phase of growth with confidence. Our customers are looking for practical ways to strengthen cyber resilience, simplify regulatory readiness, and manage secure connectivity over the long term. This funding helps us move faster to support them with trusted, future-ready solutions,”

said Vincent Korstanje, CEO of Kigen.

That framing is telling. The conversation is no longer just about connectivity. It is about resilience, compliance, and lifecycle management. In other words, connectivity is becoming infrastructure.

From spin-out to infrastructure player

Kigen’s origins go back to Arm, where it was incubated before becoming independent in 2020. Since then, it has been building quietly across Cambridge, Belfast, and Noida.

Its core proposition is simple in theory, but complex in execution: enable secure, scalable SIM, eSIM, and iSIM deployments across IoT and enterprise environments.

That includes:

• GSMA-certified eSIM and RSP infrastructure
• Integration across 200+ terrestrial and satellite networks
• Interoperability with major chipsets and modules
• Security lifecycle management, including updates and patching

The “200+ networks” claim is not just a coverage stat. It reflects something more structural: enterprises no longer want to depend on a single operator or geography. They want optionality, redundancy, and control.

The real shift: security and lifecycle over connectivity

One of the more interesting angles in Kigen’s positioning is its focus on long-term maintainability.

In consumer eSIM, the lifecycle is short. You buy a plan, use it, and move on.

In IoT, it is the opposite. Devices stay in the field for years. Sometimes a decade. Connectivity is not just about activation. It is about:

• Secure updates at scale
• Auditability for compliance
• Predictable long-term support

Kigen is explicitly building around that problem.

Its platform is increasingly delivered via SaaS, offering usage-based access to OS licensing, management tools, and services. That shift mirrors what we are seeing across telecom more broadly: from static infrastructure to programmable, service-based layers.

And this is where things get interesting.

A crowded space, but not all players are the same

Kigen is not alone in this space. The eSIM infrastructure and IoT connectivity layer is becoming increasingly competitive.

Companies like Thales Group, Giesecke+Devrient, and IDEMIA have long dominated SIM and eSIM provisioning, especially at the enterprise and government level.

Then you have newer platform-oriented players like 1GLOBAL, Eseye, and Soracom, who are pushing toward API-driven, programmable connectivity models.

Kigen sits somewhere in between. It is not a pure platform like Soracom, nor a legacy giant like Thales. Its edge is in a security-first design combined with flexibility across networks and chipsets.

That positioning is increasingly relevant.

Regulation is quietly reshaping the market

One part of the story that often gets overlooked is regulation.

Across the EU and US, requirements around device security, data handling, and lifecycle management are tightening. Frameworks like the EU Cyber Resilience Act are forcing manufacturers to think differently about connectivity.

It is no longer enough to connect a device. You need to prove that it can be maintained, updated, and secured over time.

That is exactly the problem Kigen is leaning into.

And it explains why investors like Salica are stepping in now.

“The team has built a highly differentiated platform at the intersection of connectivity and cybersecurity, with strong relevance for manufacturers and enterprises navigating a more demanding regulatory and operational environment. We are delighted to support Kigen as it scales across critical sectors and international markets,”

said Usman Ali, Partner at Salica Investments.

What this means for the broader eSIM ecosystem

If you zoom out, this funding round is less about Kigen specifically and more about a shift in the market.

For years, eSIM has been framed as a consumer convenience story. No plastic SIM, easier travel, better UX.

That story still matters. But it is no longer the most important one.

The real battleground is moving into:

• Infrastructure and control layers
• Security and compliance
• Lifecycle management
• Programmable connectivity

This is where long-term value will be built.

Conclusion: the stack is where the real power sits

The eSIM market is often judged by what is visible. Apps, pricing, user experience. But the real leverage sits deeper in the stack.

Kigen’s funding is a reminder of that.

Compared to consumer brands like Airalo or Holafly, which focus on distribution and pricing, infrastructure players are solving harder problems with longer timelines. And compared to legacy providers like Thales or G+D, newer players are trying to bring more flexibility and software-driven models into the equation.

What we are seeing now is a convergence.

Connectivity is becoming software. Security is becoming a core feature, not an add-on. And lifecycle management is becoming a competitive differentiator.

Companies that can combine all three will define the next phase of the market.

Kigen is positioning itself in that direction. This funding suggests investors believe the timing is right.

And if current regulatory trends and enterprise demands continue, they probably are.