Barcelona-based Sateliot, a company behind the first low-Earth orbit (LEO) nanosatellite constellation utilising 5G NB-IoT NTN standards, announced that it has secured €10M in a Series B funding round led by Global Portfolio Investments, a Spanish investment group.
The announcement comes as the Spanish company aims to get €30M from investors to launch 100 nanosatellites to a constellation for connecting devices outside of terrestrial networks.
With this investment, Global Portfolio Investments joins Indra, Cellnex, and Sepides as a core national shareholder group.
Global Portfolio Investments is also one of the main shareholders of the company, holding more than 10 per cent following the capital increase recently approved by Sateliot at its General Shareholders’ Meeting.
The company’s latest fund comes on top of the €25M it has already raised since its founding in 2019.
More than half of this new funding (€13.5M) is from 2023, including €6M from Banco Santander.
Fund utilisation
The Spanish company will use the funds to develop its technology and launch over 100 5G IoT satellites.
By 2028, these satellites will provide real-time global coverage, connecting millions of IoT devices in sectors like agriculture, industry, and logistics.
Jaume Sanpera, CEO and co-founder of Sateliot, says “This investment is a huge boost for the company and sends a message of confidence to other investors who are interested in our company to join our project. It also represents a decisive step forward in our strategy to deploy the constellation and meet our financial targets.”
Sateliot: Delivering NB-IoT connectivity
Led by Jaume Sanpera, Sateliot is the world’s first LEO satellite constellation providing NB-IoT connectivity, extending Mobile Telecom coverage globally.
Last August, the Spanish company launched four new satellites in its constellation with SpaceX.
The company is beginning its commercial phase with SpaceX and will start providing service in Q1 2025, generating annual recurring revenue.
The company has already secured more than €250M in contracts with more than 400 customers in more than 50 countries around the world.
With this revenue, and according to its business plan, it aims to have a turnover of €500M in 2027 and to reach €1,000M in 2030.
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