Swiss-based IoT firm Astrocast is examining its options to go public on a European stock market. The company announced the move last week, June 23, 2021, and is looking to raise enough money to complete the construction of a 100 satellite constellation by the end of 2024.
Current Astrocast investors include Adit Ventures and Airbus, along with financial support from the European Space Agency. A public offering could take place “as soon as Q3 this year,” according to the company’s press release, with a “direct listing” of anywhere between 30 to 40 percent of its shares after a private placement of newly issued shares to qualified international investors and “strategic corporate investors.” Bloomberg says the company is seeking to raise up to $54 million.
“Astrocast is [recognized] as one of the pioneers, and one of the most advanced companies in the world tackling the issue of low-cost global connectivity for the IoT, which is the roadblock for a massive expansion of the market. A listing on a European stock market would represent a major step for the company as we are now accelerating the deployment of our constellation,” said Astrocast CFO, Kjell Karlsen.
Astrocast was founded in 2014 and has developed a complete end-to-end two-way communication solution for the IoT market, including satellites, communications platform, and receiver modules. The IoT modules and antennas are smaller than other existing providers in the market, designed for minimal power consumption while moving small amounts of data.
With the launch of the SpaceX Transporter-2 rideshare mission this week, Astrocast now has 12 operational satellites in orbit. The company says it has signed and is turning up its first 20 customers across three continents and is “filling up its sales order book” at a rapid pace.
Astrocast is targeting maritime industries, natural resources, renewable energy and the environment, and remote areas operations among its markets. With current cellular systems only covering 10 percent of the world’s surface area and LPWANs also lacking in worldwide coverage, satellite networks have a key role to play on the seas and in remote areas.
With the surge of global IoT companies putting satellites into orbit, Astrocast won’t be the last company making financial announcements. Fleet Space, Hiber, Kepler Communications, Myriota, OQ Technology, Sateliot, and Swarm Technologies all need more funding to expand sales and marketing efforts and complete their respective constellations.