Myriota raises $19.3M USD In Series B Funding to Grow its Satellite Network to Support Billions of IoT Devices
Vertical – IoT News
Lead investors Hostplus and Main Sequence Ventures joined by, In-Q-Tel, Malcolm Turnbull, Right Click Capital, Singtel Innov8, Boeing HorizonX, and South Australian Venture Capital Fund.
Myriota, the world leader in low-cost and low-power satellite connectivity for the Internet of Things (IoT), announced a $19.3M USD Series B funding round led by Hostplus and Main Sequence Ventures.
Additional investors include In-Q-Tel, Inc., Right Click Capital, Singtel Innov8, Boeing HorizonX, South Australian Venture Capital Fund, and Malcolm Turnbull – the former Australian Prime Minister who led the government that established the Australian space agency in 2017. This latest round of funding brings Myriota’s total funding to more than $37M USD.
As a testament to Myriota’s strength in the market – all participants in Myriota’s Series A have returned to participate in this new raise. With this new round of funding, Myriota plans to continue its exponential growth by scaling its platform to connect billions of devices to power energy-efficient technology for customers for years to come.
From asset tracking, to measuring groundwater levels, to keeping tabs on weather stations, to remote infrastructure management – prior to Myriota, sharing and receiving data from remote locations was notoriously time-consuming and expensive. Founded in 2015, Myriota has pioneered a new way to retrieve data from anywhere on Earth through the connectivity between its constellation of satellites and low-power IoT modules, revolutionizing the way companies share information across multiple industries, such as agriculture, defense, mining, transport & logistics, and more.
Myriota’s network of IoT solutions are breaking down cost-prohibitive barriers to maximize efficiency and accelerate industries. During a time of increasing global challenges, Myriota’s technology offers unprecedented battery life, easier scalability, strong cryptographic security, and affordability. The company now has 60 granted national patents, and has more than tripled its headcount in the last two years.
“This is a critical time for IoT. Presently, 90 percent of the earth’s surface lacks connectivity. At Myriota, we’ve been focused on filling that gap and overcoming constraints in existing infrastructure. With this new round of funding, we’ll continue to grow our network of satellites to deliver on an affordable, environmentally friendly, and powerful solution to make data accessible for our global customer base,” said Alex Grant, Co-founder and CEO, Myriota.
With its Series B raise, Myriota plans to continue to establish its global market leadership through bolstering its constellation of satellites to 25 by 2022, growing its headcount by 50% in the next two years, and expanding internationally to serve demand in key international markets, while it continues to work towards providing real-time connectivity.
Myriota’s plans for expansion have already begun with its acquisition of satellite communications assets from data services company, exactEarth. With this deal, Myriota acquired four satellites, additional staff members, and a global network of ground station assets to build a presence across international markets.
“Since our initial investment, we’ve witnessed an impressive acceleration in Myriota’s customers’ delivering solutions, from agriculture to defense. This next wave of funding secures the bigger opportunity to scale the company globally and execute on the core product vision of universal, low-cost IoT connectivity,” said Martin Duursma, Partner at Main Sequence Ventures. “With global economies and conditions currently in flux, what Myriota will do in its next phase is even more critical. This includes doubling down on accessibility and deepening its networks across the areas of the world that need it the most.”
“Investing in the potential of Australian businesses is important to us, and rarely do we have the opportunity to invest in a company that has such an immense global impact,” said Sam Sicilia, Chief Investment Officer, Hostplus. “We believe in Myriota’s vision to make data accessible for all, as well as the impact Myriota’s low-power satellite connectivity is already having on essential industries. We’re thrilled to help Myriota rapidly scale and connect billions of IoT devices across the world.”
Malcolm Turnbull, 29th Prime Minister of Australia, said:
“Myriota is 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.”
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