Internet of things satellite connectivity startup Myriota has raises a $19.3 million Series B funding round, led by Hostplus and Main Sequence Ventures, with additional funding from Boeing, former Australian PM Malcolm Turnbull, Singtel Innov8 and others. The company has now raised $37 million in Funding, and has four satellites on orbit already, with a plan to expand that to 25 by 2022 with the help of this new funding.
Myriota provides low-cost, power efficient direct satellite connectivity for IoT uses, including industrial applications like equipment monitoring and measurement of environmental measures like groundwater levels. The Adelaide-based company has developed its own proprietary low-over iOT communications technology, that claims big advantages over existing solutions in terms of battery life, security, scalability and cost.
With this new funding, it also hopes to expand headcount, adding 50 percent more employees over the course of the next two years, with a focus on expanding globally to provider service to more international markets. It’s also going to concentrate on building out product to enable real-time reporting across all its offerings.
Already, Myriota has begun its expansion plans with a new acquisition of assets from another space tech company, Canada’s exactEarth. The company has purchased four satellites on orbit from the company and brought on new employees as well as six ground stations located in new international locations, including in Canada, the U.S., Norway, Singapore, Panama and Antarctica.
In total, Myriota has a goal of building out a constellation of 50 IoT satellites to provide global scale and service.