IoT Space Tech Startup Myriota Closes AU$28M Series B

IoT Space Tech Startup Myriota Closes AU$28M Series B

Lead investors Hostplus and Main Sequence Ventures joined by In-Q-Tel, Malcolm Turnbull, Right Click Capital, Singtel Innov8, Boeing HorizonX and South Australian Venture Capital Fund.

The funding will go towards the startup’s global expansion and growth efforts.

Adelaide-based Internet of Things (IoT) satellite connectivity startup Myriota announced on Monday that it had raised AU$28 million (around US$17.3 million at current exchange rates) in a Series B round led by Australian superannuation fund Hostplus and deep tech investor Main Sequence Ventures.

The funding brings Myriota’s total funding haul to AU$50 million (a little over US$30 million). The nano-satellite IoT connectivity startup will focus the funds on connecting billions of devices to power energy-efficient technology through its platform.

Other participants in the round included its Series A backers Right Click Capital, Singtel Innov8, and Boeing HorizonX, joined by In-Q-Tel, Inc., South Australian Venture Capital Fund, and former Australian Prime Minister Malcolm Turnbull.

Turnbull, who established the Australian Space Agency during his tenure, noted that Myriota has “paved the way in bringing products to market for global and local applications, both here in Australia’s flourishing space sector and across the world.”

Myriota specializes in providing low-cost and low-power satellite connectivity for IoT through its technology, which it says has a longer battery life, easier scalability, strong cryptographic security, and affordability.

Founded in 2015, its satellites and IoT units provide cost-effective data solutions for remote locations, which is otherwise an expensive endeavour, enabling information sharing in industries such as agriculture, defense, mining, transport and logistics.

“We believe in Myriota’s vision to make data accessible for all, as well as the impact Myriota’s low-power satellite connectivity is already having on essential industries,” Hostplus Chief Investment Office Sam Sicilia said in the statement.

“Presently, 90 percent of the earth’s surface lacks connectivity. At Myriota, we’ve been focused on filling that gap and overcoming constraints in existing infrastructure,” said Alex Grant, Co-Founder and CEO at Myriota.

“With this new round of funding, we’ll continue to grow our network of satellites to deliver on an affordable, environmentally friendly, and powerful solution to make data accessible for our global customer base,” he continued.

Myriota specifically aims to have 25 satellites orbiting by 2022, an increase of 50% in the next two years. It is also keen on entering international markets. So far, it has been granted 60 national patents.

Data services company exactEarth has also provided Myriota with four satellites and a global network of ground station assets towards its expansion efforts.

Main Sequence Ventures Partner Martin Duursma noted in the statement, “With global economies and conditions currently in flux, what Myriota will do in its next phase is even more critical. This includes doubling down on accessibility and deepening its networks across the areas of the world that need it the most.”

Header image courtesy of Myriota

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

What Should Employees Do in a Crisis

What Should Employees Do in a Crisis?

At the start of January 2023, a drunk man in an Air India flight’s business class urinated over a 72-year-old woman sitting beside him. The man, Shankar Mishra, was the Vice President of the financial services company Wells Fargo (he was fired following the incident). In itself, the incident is disgusting.

Top 5 AI Companies in the World

Top 5 AI Companies in the World

Technological developments are driven by the human need to make life easier and complete tasks faster and more efficiently. The drastic growth of technology in recent years has paved the way for artificial intelligence (AI) to become an integral part of almost every industry—from education and lifestyle to music and sports. It is everywhere. And by the looks of it, it is here to stay.

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

It’s no wonder why Jumpstart Media named “metaverse” one of the top emerging trends and technologies to look forward to in 2023. With an expected compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, Grand View Research forecasts that the global metaverse market is set to expand exponentially. From fashion shows, gaming, luxury products, sports and travel to art, many industries are tapping into the metaverse’s potential.

4 Most Anticipated Tech IPOs of 2023

4 Most Anticipated Tech IPOs of 2023

The technology industry has been a driving force in shaping the global economy for decades and the initial public offerings (IPOs) of technology companies are often highly-anticipated events. In 2022, the tech IPO market saw a slowdown compared to the previous year, 2021.

5-Luxury-Items-That-Are-Worth-the-Investment

5 Luxury Items That Are Worth the Investment

The world of luxury items is one of elegance and exclusivity, with their value increasing as time passes. They are unattainable and highly coveted by the masses. Plus, luxury products have a Veblen effect on the market—as their price rises, their demand does, too.

How Do You Know When to Give Up on Your Startup?

How Do You Know When to Give Up on Your Startup?

Starting a new business is never an easy task. You put your heart into it and spend countless hours working on what you believe will make someone happy or solve society’s problems. But sometimes, startups don’t work out as planned—this can be both disheartening and discouraging.