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
