Sateliot raises 10 million euros in Series A round
MOUNTAIN VIEW, Calif. – Sateliot raised 10 million euros ($11.4 million) in a Series A investment round the Spanish internet-of-things startup conducted in two tranches.
Sateliot raised 6.5 million euros in the first tranche of deals completed in December. At the SmallSat Symposium here, Sateliot executives said they concluded the second tranche.
With the completion of the round, global technology company Indra owns approximately 10.5 percent of Sateliot. Cellnex, a European telecommunications and broadcasting giant, owns another 3.5 percent.
Unlike many of the other satellite IoT companies, Sateliot does not seek its own IoT service customers. Instead, Sateliot forges agreements with mobile network operators.
“Mobile operators just cover 10 percent of the world,” said Sateliot CEO Jaume Sanpera. “There is 90 percent of the world that is lacking coverage.”
By launching a constellation of nanosatellites to communicate directly with IoT devices, Sateliot becomes “the coverage extender of the mobile operators,” Sanpera said. “Our constellation is connected to mobile networks in order to do seamless roaming with them. For the mobile operator, it means they have full coverage.”
With funding from the Series A round, Sateliot is developing technology to merge satellite and mobile networks. The company also has opened an office in San Diego, where Sateliot participated in EvoNexus, a startup accelerator sponsored by Qualcomm and Verizon.
With help from Indra, Sateliot will develop new satellite IoT products and services for the aerospace sector. Cellnex, meanwhile, will offer valuable guidance on 5G technology, Sanpera said in a statement.
Additional investors in the Sateliot Series A round include Seraphim Capital and GateHouse, a Danish satellite software developer.