US-based internet-of-things (IoT) network developer Skylo Technologies came out of stealth today with $116m, including $103m from a series B round led by internet and telecommunications group SoftBank.
The corporate was joined by Moore Strategic Ventures, the personal investment vehicle for Louis M. Bacon, as well as DCM and Innovation Endeavors, the venture capital firms that co-led Skylo’s previously unannounced $13m series A round, which included Moore Strategic Ventures.
Founded in 2017 and spun out of Stanford University’s Space Systems Development Laboratory, Skylo has built an IoT hub and satellite transceiver that sources and aggregates data from physical sensors and uses the company’s network to transmit it to the cloud.
The technology uses off-the-shelf cellular components and is intended to operate at a significantly lower cost than existing IoT systems. Users can set their hubs up using an app and manage them remotely.
The system is designed to work in more remote areas than traditional IoT networks, meaning it could support advancements in areas such as fishing, farming, shipping and mass transportation.
SoftBank Group vice-president Yoshi Segawa said: “Skylo’s satellite technology creates an affordable way to connect more of the physical world to the internet, even in remote areas.
“Skylo’s antenna technology and use of the narrowband internet-of-things protocol is revolutionary, and we look forward to working with the company in developing new use cases.”
