Adelaide, Australia, April 8, 2020: Myriota, an Australian company that provides low-cost and low-power satellite connectivity for the Internet of Things (IoT), has announced it had received AUD $28 million in Series B funding round led by Hostplus and Main Sequence Ventures.
Making the announcement on its Website, Myriota said the additional investors included In-Q-Tel, Inc., Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, and Malcolm Turnbull. This latest round of funding brings Myriota’s total funding to more than AUD $50 million.
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 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. Myriota said it had “pioneered” a new way to retrieve data from anywhere on Earth through the connectivity between its constellation of satellites and low-power IoT modules.
Formed in 2015, 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 percent in the next two years, expanding internationally to serve demand in key international markets, while it continues to work towards providing real-time connectivity.
Image credit: Myriota