Vancouver-based Helios Wire is ploughing $4 million in additional funding to go towards the launch of two specialist satellites for Internet of Things connectivity.
“The funds from this round of financing will be put toward the launch of our first satellite this Christmas, as well as the two other satellites scheduled to be launched during the second half of 2018,” said Scott Larson, CEO and co-founder of Helios Wire.
This small-scale prototype satellite will use S-band frequencies, and the satellite will be built by Astro Digital.
“We’re in the midst of a seismic shift in the way industries operate. Our goal is to make certain that companies and organisations, regardless of size, are able to participate in the enabling technologies of IoT, particularly in the industrial sectors,” added Larson.
“For instance, a small-scale farmer will be able to use Helios Wire’s economical IoT service to optimally manage a handful of fields. As well, multinational shipping corporations and exporter-importers will be able to optimize fleets and shipments,” Larson says.
Helios, in its statement, quoted Boston Consulting Group’s recent study, which predicted that $267 billion will be spent on IoT technologies, products, and services by 2020. Already, IoT is improving operations, but small and medium-sized companies have yet to fully capitalize. “Today, Industrial IoT is frequently considered to be costly, inaccessible, and best suited for larger, international organizations; but that won’t always be the case,” says Larson.