Internet of Things (IoT) solutions firm Skylo Technologies, co-founded by Indian-origin entrepreneur Parthsarathi Trivedi, has raised $103 million in a Series B round led by SoftBank Group. The round also saw the participation of existing investors.
Skylo, which was founded in 2017 by Trivedi, Andrew Nuttall and Andrew Kalman, has so far secured $116 million. It has offices in San Mateo, Bengaluru and Tel Aviv.
The California-based firm had raised a $13-million Series A round in December 2017, which was co-led by DCM and Innovation Endeavors, besides Moore Strategic Ventures. It offers real-time IoT connectivity to millions of machines, sensors and devices across industries, including agriculture, fishing, railways, logistics and utilities infrastructure.
The Skylo Network is hosted on existing geostationary satellites. The company leverages the cellular Narrowband Internet of Things (NB-IoT) protocol via satellite, making it possible to instantly connect billions of sensors on objects and machines in remote areas, the company said.
“Skylo envisions a world where connectivity for machines, sensors and devices is as ubiquitous as the sky,” Skylo’s chief executive Trivedi said in a statement.
This article was first published on livemint.com