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Myriota raises $28M AUD In Series B Funding

15:10:26 | 07 Apr 2020
Myriota raises $28M AUD In Series B Funding
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ADELAIDE (IndoTelko) – Myriota, the world leader in low-cost and low-power satellite connectivity for the Internet of Things (IoT), has announced a $28M AUD Series B funding round led by Hostplus and Main Sequence Ventures.

Additional investors include In-Q-Tel, Inc., Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, 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 AUD.

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 globally to connect billions of devices to power energy-efficient technology for customers for years to come.

New investor In-Q-Tel, Inc. is a US based the not-for-profit strategic investor that supports cutting-edge and critically needed technology capabilities that benefits the national security of the United States 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 new way to retrieve data from anywhere on Earth through the connectivity between its constellation of satellites and low-power IoT modules; revolutionising 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 maximise 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 over 60 granted patents, and has more than tripled its headcount in the last two years.

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“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 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, 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.(es)

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