€10m for European IoT 5G satellites

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Sateliot in Spain has raised €10m in its latest funding round to build narrowband NB-IoT 5G satellites. Sateliot plans to build 100 5G satellites to link devices in the Internet of Things (IoT) continuously in real time by 2028.

www.eenewseurope.com, Sept. 23, 2024 – 

The funding round was led by Global Portfolio Investments in Spain and is part of a projected €30m Series B round.

Global Portfolio Investments joins Indra, Cellnex and Sepides as the core group of national shareholders with €25m raised since 2019. NB-IoT modem and chip developer Qualcomm is also an investor.

Last month the company launched the first four satellites for its constellation to start a commercial service in Q1 2025, generating annual recurring revenue. The company has already secured more than 250 million euros in contracts with more than 400 clients in more than 50 countries around the world.

"This investment represents a huge boost for the company and sends a message of confidence to other investors interested in our company so that they can join our project. It also represents a decisive step in continuing to advance in our strategy of having the constellation deployed and meeting our financial objectives," said Jaume Sanpera, CEO and co-founder of Sateliot.

Last week Sateliot joined the steering board of a new Non-Terrestrial Network (NTN) Forum established by the European Space Agency.

The NTN Forum is designed to provide a collaborative framework for implementing non-terrestrial network solutions for 5G Advanced and 6G networks, especially in hard-to-reach regions.

"Being part of this forum is a unique opportunity to work closely with leading experts in the industry. Together, we aim to shape the future of telecommunications by leveraging space-based solutions to enhance global connectivity," said Marco Guadalupi, CTO of Sateliot.

www.sateliot.com

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