Myriota raises $28m in Series B funding for IoT satellite network
South Australia-based Myriota has announced a $28 million Series B funding round led by Hostplus and Main Sequence Ventures to support the development of a larger satellite network.
Additional investors include In-Q-Tel, Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, and Malcolm Turnbull – who led the government that established the Australian Space Agency in 2017. This latest round of funding brings Myriota’s total funding to more than $50 million.
As a testament to Myriota’s strength in the market – all participants in Myriota’s Series A have returned to participate in this new raise.
With this new round of funding, Myriota plans to continue its exponential growth by scaling its platform globally to connect billions of devices to power energy-efficient technology for customers for years to come.
New investor In-Q-Tel is a US-based not-for-profit strategic investor that supports cutting-edge and critically needed technology capabilities that benefit the national security of the US and its allies.
From asset tracking, to measuring groundwater levels, to keeping tabs on weather stations, to remote infrastructure management – prior to Myriota, sharing and receiving data from remote locations was notoriously time-consuming and expensive.
Alex Grant, co-founder and chief executive of Myriota, said, "This is a critical time for [the Internet of Things]. Presently, 90 per cent 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 an affordable, environmentally friendly, and powerful solution to make data accessible for our global customer base."
Founded in 2015, Myriota has pioneered a new way to retrieve data from anywhere on Earth through the connectivity between its constellation of satellites and low-power IoT modules; revolutionising the way companies share information across multiple industries, such as agriculture, defence, mining, transport, logistics and more.
With its Series B raise, Myriota plans to continue to establish its global market leadership through bolstering its constellation of satellites to 25 by 2022, growing its headcount by 50 per cent in the next two years, expanding internationally to serve demand in key international markets, while it continues to work towards providing real-time connectivity.
Myriota’s plans for expansion have already begun, with its acquisition of satellite communications assets from data services company, exactEarth. With this deal, Myriota acquired four satellites, additional staff members, and a global network of ground station assets to build a presence across international markets.
Martin Duursma, partner at Main Sequence Ventures, said, "Since our initial investment, we've witnessed an impressive acceleration in Myriota’s customers' delivering solutions, from agriculture to defence. This next wave of funding secures the bigger opportunity to scale the company globally and execute on the core product vision of universal, low-cost IoT connectivity.”
Malcolm Turnbull, 29th prime minister of Australia, said, “Myriota is a leader and innovator in low-cost, low-power IoT. They have 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’s growth plans will only strengthen its ability to provide industry-leading connectivity across its network of international partners.”
South Australian Minister for Innovation and Skills David Pisoni said, ”I am very pleased to see this significant investment into Myriota from local and international investors, including investment from the South Australian Venture Capital Fund.
“Myriota is an important emerging IoT company in South Australia, located at Lot Fourteen, and we look forward to their continued growth.”
Myriota was founded to revolutionise IoT by offering disruptively low-cost and long-battery-life global connectivity.
Based in Adelaide, a focal point of the Australian space industry and home of the Australian Space Agency, Myriota has a growing portfolio of more than 60 granted patents, and support from major Australian and international investors.
With a deep heritage in telecommunications research, world-first transmission of IoT data direct to nanosatellite was achieved in 2013.
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