Myriota closes Series B, brings total funding raised over $50 million

Marco Green
April 8, 2020

With this new funding, it also hopes to expand headcount, adding 50 percent more employees over the course of the next two years, with a focus on expanding globally to provider service to more global markets. The Adelaide-based company has developed its own proprietary low-over iOT communications technology, that claims big advantages over existing solutions in terms of battery life, security, scalability and cost. "Presently, 90 percent of the Earth's surface lacks connectivity", said co-founder and CEO Alex Grant in a statement.

The company said that it will use the proceeds to increase its constellation of satellites to 25 and further its global expansion as well as grow its workforce by 50 per cent in the next two years. With this new round of funding, the company will continue to grow the firm's network of satellites to deliver an affordable, environmentally friendly and powerful solution to make data accessible for our global customer base.

Along with satellite communication assets, the agreement will also see the transfer of four exactEarth specialists in satellite operations, satellite engineering and spectrum management, forming Myriota's on-the-ground team in Ontario, Canada. It provides Myriota with four exactEarth experts in satellite operations, satellite engineering and spectrum management.

In early 2018, Myriota invested almost $3 million into an IoT lab in Adelaide, and is now collaborating with the new smart satellites Cooperative Research Centre. "With global economies and conditions now in flux, what Myriota will do in its next phase is even more critical".

"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 vast global impact", said Sam Sicilia, Chief Investment Officer, Hostplus.

The palm-sized satellite transmitters communicate with Myriota's constellation of low-earth-orbit nano satellites. "We're thrilled to help Myriota rapidly scale and connect billions of IoT devices across the world". "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", Mr Turnbull said.

Myriota has been closely involved with the Australian Space Agency, which was announced by Mr Turnbull in 2017.

Founded in Adelaide in 2015 as a spin-out from the University of South Australia, Myriota is developing small, low-priced transmitters that connect directly to satellites in orbit.

The announcement is the latest in a string of expansions for Myriota, which has become a global leader in smallsat IoT connectivity and is based at Lot Fourteen - an innovation precinct in Adelaide, South Australia, which is also home of the Australian Space Agency. With deep heritage in telecommunications research, world-first transmission of IoT data direct to nanosatellite was achieved in 2013.

Other reports by Click Lancashire

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