Sateliot, a Spanish satellite-based Internet of Things (IoT) startup, has successfully raised €30 million (approximately $33 million) in a Series B funding round.
The round was led by Spanish investment firm 'Global Portfolio Investments,' making them a major shareholder in Sateliot.
With the newly secured funds, Sateliot plans to build a constellation of 100 IoT satellites operating with a 5G protocol.
This satellite system is designed to provide real-time IoT services across various sectors, including agriculture and logistics, with the goal of launching commercial services by 2028.
The company took its first step in this project by launching four satellites into low Earth orbit on August 16 through SpaceX's rideshare mission.
These satellites are expected to begin providing commercial IoT services starting in the first quarter of 2025.
Sateliot has already signed contracts with over 400 clients, amounting to a total of €250 million (approximately $278 million) in contract value.
The company aims to reach €500 million in revenue by 2027 and €1 billion (approximately $1.1 billion) by 2030.
Jaume Sanpera, CEO of Sateliot, stated, "This investment marks a critical turning point in accelerating the company’s growth. We will continue to move forward with the construction of the satellite constellation as planned and refine our strategy to meet our financial targets."
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Satellite-based IoT startup 'Sateliot' raises €30 million in Series B funding
Sateliot, a Spanish satellite-based Internet of Things (IoT) startup, has successfully raised €30 million (approximately $33 million) in a Series B funding rou
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