The Adelaide-based builder of an IoT satellite network, Myriota, has announced a $28m Series B funding round led by Hostplus and Main Sequence Ventures, along with In-Q-Tel, Right Click Capital, the South Australian Venture Capital Fund, Singtel’s Innov8, Boeing HorizonX, and Malcolm Turnbull.
The funding includes contributions from all those that participated in Myriota’s $US15m Series A round, announced in April 2018. It brings Myriota’s total funding to more than $50m, and follows the company announcing last weekthat it was to acquire satellites and ground station assets from its Canadian partner and shareholder, exactEarth.
Turnbull described Myriota as a leader and innovator in low cost, low power IoT. “They have paved the way in bringing products to market for global and local applications, both here in Australia’s flourishing space sector and across the world. Myriota’s growth plans will only strengthen its ability to provide industry-leading connectivity across its network of international partners.”
Myriota says it will use the funds to increase its constellation of satellites to 25 by 2022, grow its headcount by 50 percent in the next two years and expand internationally to serve demand in key international markets.
Myriota claims its technology offers unprecedented battery life, easier scalability, strong cryptographic security and affordability. It has more than 60 granted patents.
Myriota co-founder and CEO, Alex Grant, said the company was focussed on providing IoT connectivity for the 90 percent of the Earth’s surface that lacked such.
“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.”
