Myriota this week announced it raised $17 million ($28M AUD) in series B founding, led by Hostplus and Main Sequence Ventures. The other participating investors and timing of the announcement suggest the company is on the right path for expansion.
Among other firms involved in this round are U.S. intelligence community investment fund In-Q-Tel, Inc., Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, and former Australian prime minister Malcolm Turnbull. Both Singtel and Boeing participated in the company’s first round of investment, with Myriota’s total funding raise to date at more than $31 million.
“This is a critical time for IoT. Presently, 90 percent of the Earth’s surface lacks connectivity,” said Alex Grant, Co-founder and CEO, Myriota. “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”
Myriota plans to continue its growth by scaling its platform globally. Specifically, it plans to scale its constellation of satellites up to 25 by 2022, growing its staff by 50 percent in the next two years, expanding internationally to serve demands in key regional markets and work towards providing real-time connectivity.
Last week, Myriota bought four satellites, spectrum licenses and a network of ground stations from exactEarth in a move to expand its North American footprint. IoT Evolution reported in September 2019 Myriota was planning to offer services in North America.
More importantly, Myriota makes the funding announcement at a time when most investment firms would be skittish about deploying capital given the uncertainties of the current world economic climate. The Series B round was likely agreed to sometime in February or March, with lawyers and the various firms involved finalizing details on the paperwork and coming to an agreement on an announcement within the past week or two.
One area where Myriota is more forward leaning than newer satellite IoT companies is in marketing within the United States. The company is participating in IoT World as an exhibitor, currently scheduled to take place August 10-13, 2020 in San Jose.