Satellite connectivity innovators Myriota have completed a $28 million Series B funding round backed by high-profile investors including former Prime Minister of Australia Malcolm Turnbull.
The Adelaide-based Internet of Things (IoT) company has now raised more than $50 million from its Series A and B funding rounds collectively enabling Myriota to continue growing and scaling its platform globally.
The Series B, led by Hostplus and Main Sequence Ventures, also attracted investments from US venture capital firm In-Q-Tel, Australian venture capital firm Right Click Capital, the South Australian Venture Capital Fund, corporate venture capital fund Singtel Innov8 and Boeing HorizonX.
Turnbull's confidence in the company is the latest show of support for the space industry from the former PM who established the Australian Space Agency in 2017.
"Myriota is a leader and innovator in low-cost, low-power IoT," says Turnbull.
"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."
Myriota co-founders David Haley and Alex Grant
With more than $50 million in investment under its belt the company will continue with its mission of providing low-cost IoT connectivity to a range of industries via low-power satellites.
The company intends to use the new funding to bolster its constellation of satellites to 25 by 2022, grow its headcount by 50 per cent in the next two years, and expand internationally.
The company recently acquired satellite communications assets from data services company exactEarth. Under the deal Myriota acquired four satellites, additional staff members, and a global network of ground station assets to build a presence across international markets.
"This is a critical time for IoT. Presently, 90 percent of the Earth's surface lacks connectivity," says Myriota CEO and co-founder Alex Grant.
"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."
Business News Australia