Myriota, an Australia-based developer of satellite internet-of-things (IoT) technology, received $19.3m yesterday in a series B round featuring subsidiaries of aerospace manufacturer Boeing and telecommunications firm Singtel.
Boeing HorizonX Ventures and Singtel Innov8 joined Hostplus and Main Sequence Ventures, which co-led the round, in addition to In-Q-Tel, the state government-owned South Australian Venture Capital Fund, Right Click Capital and former Australian prime minister Malcolm Turnbull.
Founded in 2015, Myriota runs a fleet of small satellites that exchange data with industrial IoT devices. It targets remote locations poorly served by wired infrastructure and links to energy-efficient ground terminals in order to facilitate low-power IoT systems.
The series B proceeds will help expand the company’s network to 25 satellites by 2022 in response to an anticipated proliferation of industrial IoT devices.
Myriota recently acquired four live satellites from data services provider ExactEarth, which invested $1.5m in the company in 2015. It also plans to expand its team by 50% over the next two years.
Main Sequence and Blue Sky Venture Capital, which manages South Australian Venture Capital Fund, co-led the company’s $15m series A round in early 2018, investing together with Boeing HorizonX, Singtel Innov8 and Right Click Capital.
The original version of this article appeared on our sister site, Global University Venturing.