Spain’s Satelliot already has a pair of demonstration satellites in orbit, designed to test specialized communications, surveillance, tracking and space-based connectivity for IoT devices. The company is aiming to raise €30 million in a Series B round to add 64 satellites.
On January 10, Satelliot announced that it has pending firm orders worth €150 million from telecommunications companies looking to use its planned satellite network.
The company hopes to raise more funding to build and launch 64 of these tiny microsatellites to connect devices outside of traditional terrestrial networks. Satelliot’s goal is that within three years he will have 250 satellites.
The Barcelona-based company has communications in mind for banking and similar commercial transactions, where data is protected with encrypted quantum keys. Other applications include oil and gas, agricultural technology, fisheries and ocean monitoring.
Sateriot has already received funding (2.1 million euros) from the European Commission. It raised 10 million euros in a Series A round late last year, bringing its total funding over the past few years to 28 million euros.
With the completion of the Series A round, global technology company Indra now owns approximately 10.5% of Sateriot. European communications and broadcasting giant Cellnex holds a further 3.5%. Additional investors in the Sateliot Series A round include Seraphim Capital and Danish satellite software developer GateHouse.
The company has also opened an office in San Diego, and Sateliot is participating in EvoNexus, a startup accelerator sponsored by Qualcomm and Verizon.