Australian Satellite and IoT Company Myriota Raises $28 Million In Latest Funding Round
Myriota – an Australian company that specialises in low-cost and low-power satellite connectivity – has successfully raised $28 million in a Series B funding round led by Hostplus and Main Sequence Ventures.
The company’s funding now totals over $50 million. Its portfolio of investors now include In-Q-Tel, Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX and Malcolm Turnbull.
Myriota claims it has pioneered a new way of retrieving data from anywhere on Earth through its constellation of satellites and low-power IoT modules, effectively revolutionising the way that companies share information.
Myriota’s technology solutions promise to offer unprecedented battery life, scalability, strong cryptographic security, and affordability. In the past two years, Myriota has been granted over 60 patents and has more than tripled its headcount.
“This is a critical time for IoT. Presently, 90% of the Earth’s surface lacks connectivity. At Myriota, we’ve been focused on filling that gap and overcoming constraints in existing infrastructure,” Alex Grant, Co-founder and CEO of Myriota, said. “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.”
The company has said that its global expansion will be a key focus following this latest round of funding, building upon its recent developments in this area.
In late March Myriota Canada, a wholly owned subsidiary of Myriota, entered an agreement to acquire exactEarth’s satellite communications assets for CA$600,000, subject to regulatory approval.
Myriota was founded in 2015 and is headquartered in Adelaide.