Myriota, the world leader in low-cost and low-power satellite connectivity for the Internet of Things (IoT), announced a AUD$28 million (US$19.3 million) 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 AUD$50 million (US$30.7 million).
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.
“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,”
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.
“Since our initial investment, we’ve witnessed an impressive acceleration in Myriota’s customers’ delivering solutions, from agriculture to defense. This next wave of funding secures the bigger opportunity to scale the company globally and execute on the core product vision of universal, low-cost IoT connectivity,” said Martin Duursma, Partner at Main Sequence Ventures.
“With global economies and conditions currently in flux, what Myriota will do in its next phase is even more critical. This includes doubling down on accessibility and deepening its networks across the areas of the world that need it the most.”
Martin Duursma, Partner, Main Sequence Ventures
“Investing in the potential of Australian businesses is important to us, and rarely do we have the opportunity to invest in a company that has such an immense global impact,” said Sam Sicilia, Chief Investment Officer, Hostplus. “We believe in Myriota’s vision to make data accessible for all, as well as the impact Myriota’s low-power satellite connectivity is already having on essential industries. We’re thrilled to help Myriota rapidly scale and connect billions of IoT devices across the world.”
“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.”
Malcolm Turnbull, 29th Prime Minister of Australia
South Australian Minister for Innovation and Skills David Pisoni said, “I am very pleased to see this significant investment into Myriota from local and international investors, including investment from the South Australian Venture Capital Fund.”
“Myriota is an important emerging IoT company in South Australia, located at Lot Fourteen and we look forward to their continued growth.”
This announcement was made on 6 April 2020.