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Satellite IoT firm Myriota raises $28m series B funding
- April 14, 2020
Australian satellite IoT connectivity company Myriota has raised AU$28m series B funding led by Hostplus and Main Sequence Ventures.
Additional investors included In-Q-Tel, Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing Horizon X and Malcolm Turnbull, 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 $50m.
All participants in Myriota’s series A have returned to participate in this new raise. With this round of funding, the firm plans to continue its growth by scaling its platform globally to connect billions of devices to power energy-efficient technology for years to come.
New investor In-Q-Tel is a US not-for-profit strategic investor that supports critically needed technology capabilities that benefits the national security of the USA and its allies.
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 way to retrieve data from anywhere on Earth through the connectivity between its constellation of satellites and low-power IoT modules.
This is changing the way companies share information across multiple industries, such as agriculture, defence, mining, transport and logistics.
Myriota says its IoT network is breaking down cost-prohibitive barriers to increase efficiency and accelerate industries. The technology is said to offer unprecedented battery life, easier scalability, strong cryptographic security and affordability. The company now has more than 60 granted patents, and has more than tripled its headcount in the past two years.
“This is a critical time for IoT,” said Alex Grant (pictured centre), co-founder and CEO of Myriota. “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. 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.”
With its series B raise, Myriota plans to continue establishing its global market position by bolstering its constellation of satellites to 25 by 2022, growing its headcount by 50% in the next two years, expanding internationally to serve demand in key international markets, and continuing 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 defence,” said Martin Duursma, partner at Main Sequence Ventures. “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. 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.”
Sam Sicilia, chief investment officer at Hostplus, added: “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. 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.”
The picture shows from the left: Tom Rayner, business development executive; Barbara Woodruff Swanson, chief revenue officer; Alex Grant, CEO; David Haley, chief technology officer; and Karina Mclauchlan, financial controller.