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Myriota raises $28 million to expand satellite fleet

Business

South Australian satellite connectivity company Myriota has raised $28 million in Series B funding to bolster its satellite network and increase its workforce by 2022.

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Myriota will use the latest round of funding, which includes an investment by former Prime Minister Malcolm Turnbull, to further its global expansion as a leader in low-cost and low-power Internet of Things (IoT) satellite connectivity.

The Lot Fourteen-based company’s technology involves tiny satellite transmitters that send low powered messages directly to a constellation of low-earth-orbit nanosatellites.

These satellites relay the messages to earth where they are decoded and sent to the end user. The technology is particularly effective in remote areas on land or at sea that do not have access to internet or cellular networks.

 The company will use the latest funding to  increase its constellation of satellites to 25 and grow its workforce by 50 per cent in the next two years, allowing it to connect billions of devices to power energy-efficient technology and serve demand in key international markets. 

Myriota raised $15 million in Series A funding in 2018 and said all of those participants returned to take part in Series B.

The latest funding round brings Mryriota’s total funding to $50 million, with investments from Hostplus, Main Sequence Ventures, In-Q-Tel, Turnbull and more.

Myriota CEO and co-founder Alex Grant said the latest round of funding would break down cost-prohibitive barriers and assist in maximising efficiency.

 “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,” Grant said.

“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.”

The announcement is the latest in a string of expansions for Myriota, which has become a global leader in nanosatellite IoT connectivity.

Myriota was spun out of the University of South Australia in 2015 with funding from Canada-based data services company exactEarth.

Last month, the startup announced it had furthered its partnership with Canadian data services company exactEarth to acquire satellite communications assets.

The acquisition, which is subject to Canadian regulatory approval, signified the creation of Myriota’s first North American office, in Ontario, Canada.

It provides Myriota with four exactEath experts in satellite operations, satellite engineering and spectrum management.

The CA$600,000 deal also increases Myriota’s capacity to deliver low-cost, low-power, secure direct-to-orbit satellite connectivity for IoT through four satellites and a global network of ground states assets.

Grant said despite challenging global business conditions the company was in a fortunate position to continue its international expansion plans and allow multiple industries to access its technology.

“This acquisition is a huge opportunity for our business to grow its North American footprint,” Grant said.

“It will add industry-leading capabilities in key areas such as satellite operations, engineering and spectrum management from an experienced team and will fast-track our development with established ground facilities and ground stations.”

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