UK-based company Sky and Space Global has raised $12 million to facilitate the launching of the first of its Pearls constellation nano-satellites network, which will provide around the clock, affordable, voice, data instant messaging, M2M and IoT communications to the equatorial belt.
The funds were raised in a two-tranche share placement to investors, at $0.03 per share.
The launch with Virgin Orbit is due to take place mid-2019 and is the initial stage of the company's plans to set up the constellation of satellites.
The services will bring a "huge range" of life saving services like search and rescue, disaster management, emergency response, security alarms and recreational tracking along the equatorial belt.
"We have undertaken this round of financing at a crucial time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space,” said Meir Moalem, Sky and Space Global managing director and CEO.
"The support we have received is indicative of the confidence the market has in our ability to deliver on milestones and achieve the objectives we have set out for the company."
The constellation will also offer a range of traditional services such as cellphone applications, offshore communications, smart farming, interactive TV, airplane, vessel and animal tracking, water and electric metering, grid monitoring and ATM.
The company confirmed that it plans to "conduct a fully underwritten priority offer to raise a further $3 million, with an option to accept a further $1 million on the same terms in the event the offer is oversubscribed and in accordance with shareholder approved under ASX Listing Rule 7.1".
SAS is a new space company and lists its aim as delivering "cost-effective communications infrastructure and services to those who need it most and to disrupt the telecommunications and international transport industries".
The company said it expects to start generating revenue later this year.
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