Australian satellite connectivity company Myriota has raised A$28 million ($17 million) in Series B funding round to bolster its satellite network and further its global expansion, according to an announcement.
The latest funding round was joined by Australian pension fund Hostplus, Main Sequence Ventures, In-Q-Tel and former Australian Prime Minister Malcolm Turnbull. With this, Mryriota’s total funding comes to A$50 million.
The company said that it will use the proceeds to increase its constellation of satellites to 25 and further its global expansion as well as grow its workforce by 50 per cent in the next two years.
Myriota had raised A$15 million in Series A funding in 2018 led by Australian VC firms Main Sequence Ventures and Blue Sky Venture Capital.
It was also joined by Boeing Horizon X Ventures, Right Click Capital and Singtel Innov8, the venture capital arm of Singaporean telecom firm Singtel. The company said that all of those participants returned to take part in Series B.
“This is a critical time for IoT. 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,” said CEO and co-founder Alex Grant.
“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 Adelaide in 2015 as a spin-out from the University of South Australia, Myriota is developing small, low-cost transmitters that connect directly to satellites in orbit. This, it claims, enables large-scale, low-cost communications for IoT devices anywhere on the planet.
The company had earlier raised $2.5 million in its seed funding led by Canadian ship-tracking business ExactEarth.
Last month, the South Australian start-up announced it had furthered its partnership with exactEarth to acquire satellite communications assets.