The Spanish government has invested €13.8m in satellite IoT firm Sateliot and the European defence and aerospace focused fund Hyperion added €10m, advancing the series B round to its €70m target.

Sateliot specialises in low Earth orbit (LEO) satellite connectivity under the 5G standard for IoT applications. It is in the final stage of a series B financing round of €70m after the €13.8m investment of the Spanish Society for Technological Transformation (SETT, sett.gob.es), which has been approved by the government’s Council of Ministers.

The funds will be invested in a constellation of more than 100 satellites to ensure real-time connectivity in areas without signal coverage. This will enable applications across defence, security, logistics and critical infrastructure management.

With this and the Hyperion transaction, which marks another step forward in the Spanish company’s growth and technological advancement, Sateliot closed its series B financing round, having met the €70m target.

SETT’s injection follows Global Portfolio Investments’ contribution of €10m and a convertible note of €5.2m. These investors become part of Sateliot’s hard-core shareholders, including Indra, Cellnex and Sepides, which are players in telecommunications, defence and security, reinforcing its potential in Europe’s digital and technological sovereignty.

As part of the round, Sateliot has also secured a €30m debt injection from the European Investment Bank (EIB), marking the EIB’s first venture debt operation in the space sector. This support strengthens Sateliot’s role in developing sovereign telecommunications infrastructure when both Nato and the EU call for increased defence spending and enhanced space capabilities.

Jaume Sanpera, CEO of Sateliot, said: “The confidence shown by SETT and other institutional investors confirms that Sateliot is Europe’s answer to the growing need for secure, accessible and autonomous satellite connectivity, essential for critical applications in civil, security and defence sectors.”

Sateliot has already launched six satellites into orbit, with the latest four launched in August as the company prepares to begin commercial service this year, generating recurring annual revenues.

The company currently holds €270m in contracts with more than 400 customers across 50 countries. With this foundation, Sateliot (sateliot.space) aims to reach €1bn in revenue by 2030.