Skylo has just raised a total of $103 million (€92.9m) in Series B funding for its proposed Internet of Things satellite-based service.
Skylo had been in ‘stealth’ mode and according to Skylo, the company will bring instant, affordable and ubiquitous Internet of Things (IoT) connectivity to millions of machines, sensors and devices, even in the most remote geographies.
Skylo has developed a low-cost and small terminal which can be fixed to trucks and other vehicles as well as boats, tractors and such like. It is the world’s first company to leverage the cellular Narrowband Internet of Things (NB-IoT) protocol via satellite, making it possible to instantly connect billions of sensors on objects and machines in remote areas.
Investors include Japan’s SoftBank Group.
Skylo’s new satellite connectivity leverages existing geostationary satellites to bring reliable connectivity without the need to add new infrastructure in space. Skylo says it has successfully built and proven its end-to-end technology and completed successful commercial field trials with major enterprise and government customers. The company’s customers already include enterprise and government entities in a range of industries including automotive, railways, agriculture and maritime.
Skylo claims its service costs 95 per cent less than existing satellite solutions, with connectivity starting at just $1 per user and hardware that costs less than $100. Skylo says it is the world’s most affordable satellite technology and will enable operations for remote businesses, increase safety, drive economic development and job creation, and help with disaster preparedness and response.