A Lausanne, Switzerland-based start-up business Astrocast has raised $4.16 million in extra funding in order to build a planned constellation of 64 mini-satellites to serve the growing Machine-to-Machine and Internet of Things demand for connectivity.
Astrocast says that thanks to its polar orbits, “our network of nanosatellites covers and scans the entire surface of the earth. Wherever your assets are, a view of the sky is enough to stay connected.”
Astrocast adds that two demonstration satellites will launch in mid-2018, and this extra funding will pay development and launch costs.
“Our customers will be able to track and monitor their assets anywhere around the globe with miniaturised and inexpensive communication terminals. The data subscription plans we will offer are expected to of few dollars per year for each device,” says the company.
Astrocast had previously raised $3 million in August 2017 as part of the overall project financing. He company has some impressive “partners” in the shape of Thuraya, the European Space Agency and Airbus, amongst others.