Spain’s Sateliot wants 64 new satellites
January 16, 2024
By Chris Forrester
Spain’s Sateliot already has a pair of demonstration satellites in orbit and designed to test space-based connectivity for specialist communications, monitoring, tracking and Internet of Things devices. It is looking to raise €30 million in a Series B round in order to add 64 satellites.
On January 10th Sateliot said it holds firm orders worth €150 million from telcos looking tap into its planned satellite network.
The company wants more financing in order to build and launch 64 of these small nano-satellites to connect devices outside of conventional terrestrial networks. Sateliot’s aim is to have a fleet of 250 satellites within three years.
The Barcelona-based business has in mind communications for encrypted quantum-key protection of data for banking and similar commercial transactions. Other applications include oil & gas, agricultural technology and fishing and maritime monitoring.
Sateliot has already received funding from the European Commission (€2.1 million). It raised €10 million in a Series A round towards the end of last year which took its overall cash-raising to €28 million over the past few years.
With the completion of the Series A round, global technology company Indra owns approximately 10.5 per cent of Sateliot. Cellnex, a European telecommunications and broadcasting giant, owns another 3.5 per cent. Additional investors in the Sateliot Series A round include Seraphim Capital and GateHouse, a Danish satellite software developer.
The company also has opened an office in San Diego, where Sateliot participated in EvoNexus, a startup accelerator sponsored by Qualcomm and Verizon