Myriota, a start-up based in Adelaide, Australia, announced US$19.3 million in Series B funding for its low-cost and low-power satellite connectivity for the Internet of Things (IoT).
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. The company said its technology will revolutionize the way companies share information across multiple industries, such as agriculture, defense, mining, transport & logistics, and more.
The new funding round was led by Hostplus and Main Sequence Ventures. Additional investors include In-Q-Tel, Inc., Right Click Capital, Singtel Innov8, Boeing HorizonX, South Australian Venture Capital Fund, and Malcolm Turnbull – the former Australian Prime Minister 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 US$37 million.
“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 on an affordable, environmentally friendly, and powerful solution to make data accessible for our global customer base,” said Alex Grant, Co-founder and CEO, Myriota.
“Myriota is a leader and innovator in low cost, low power IoT. 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,” said Malcolm Turnbull, 29th Prime Minister of Australia.
