Satellite IoT startup Myriota raises AU$28m in Series B funding round
Internet of Things (IoT) technology startup Myriota has raised AU$28 million through a Series B funding round, with Hostplus and Main Sequence Ventures being the major contributors.
Also adding to this funding round were former Australian Prime Minister Malcolm Turnbull, Singtel Innov8, Boeing Horizon, In-Q-Tel, Right Click Capital, and the South Australian Venture Capital Fund.
This latest funding round brings Myriota's total funding to more than AU$50 million.
"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," Myriota co-founder and CEO Alex Grant said.
According to the company, it plans to use the funds to grow its current four satellite constellation to 25 by 2022; grow its headcount by 50% in the next two years; and continue with its international expansion.
In early 2018, Myriota had raised $15 million in Series A funding from Boeing HorizonX Ventures, Singtel, and Right Click Capital.
Shortly after the Series A funding round, Myriota acquired four satellites, additional staff, and a ground station from data services company ExactEarth.
Last August, Myriota signed an agreement with Optus Business to add mobile connectivity to its plans.
"Previously, satellite connectivity has not been available or affordable for businesses with remote assets, but nanosatellites are providing a more attainable and affordable solution," Grant said at the time.
"By combining Optus' national networks with our nanosatellite capability, we are able to offer a truly holistic IoT solution and help solve connectivity issues being faced in regional Australia."
The IoT satellite company had also previously signed up with the Australian Institute of Marine Science (AIMS) to trial ocean drifters that report back to base by using satellites in low Earth orbit (LEO).
"Because they connect to LEO satellites, they avoid issues like coverage dropouts and connectivity issues that come from using traditional mobile phone networks," AIMS technology development team leader Melanie Olsen said.
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