Myriota, a telecommunications service provider headquartered in Australia has raised $19.3 million in Series B funding round in order to expand its IoT satellite constellation.
The new round has been led by Hostplus and Main Sequence Ventures with the participation of addition funding from Boeing, Singtel Innov8, former Australian PM Malcolm Turnbull and others.
According to the Myriota, it has raised around $37 million to date and already has four satellites on orbit. The company aims to increase the count to 25 by 2022 with the help of this new funding.
In order to enhance industrial applications like equipment monitoring and to use in measurement of environmental measures like groundwater levels, Myriota provides low-cost, power efficient direct satellite connectivity. The company claims that it has developed its own proprietary low-over iOT communications technology that provides big advantages over existing solutions in terms of security, scalability, battery life and cost.
Myriota wants to add 50 percent more employees over the course of the next two years with this new funding as it is planning to expand globally to provide its services to more international markets. The company has already started its expansion plans with a new acquisition of assets from exactEarth, a Canada-based space tech company. Myriota has brought four satellites on orbit, six ground stations established in different international locations including US, Canada, Singapore, Norway, Antarctica and Panama, along with new employees as well.
Alex Grant, the Co-founder and CEO of Myriota states, “This is a critical time for IoT. Presently, 90% of the earth’s surface lacks connectivity. At Myriota, we’ve been focused on filling that gap and overcoming constraints in existing infrastructure. 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.”
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