Myriota, an Australian startup aiming to provide nanosatellite internet of things (IoT) connectivity, has just closed a US$15 million Series A funding round.
The round was led by Australian VC firms Main Sequence Ventures and Blue Sky Venture Capital and included Boeing HorizonX Ventures, Singapore’s Singtel Innov8, and Right Click Capital. This is Boeing HorizonX’s first investment outside of the United States.
The company was founded in Adelaide in 2015 as a spin-out from the University of South Australia, and uses nanosatellites in order to connect devices across the world at a lower cost. With this investment, Myriota plans to launch more satellites and expand its global operations, adding offices in North America and Asia to support its headquarters in South Australia.
“The internet of things has a major connectivity problem: hundreds of millions of devices that need to communicate but don’t have cost-effective, battery friendly networks to do so. Myriota solves this problem,” Myriota CEO Dr Alex Grant said.
“The fact we have managed to engage such a stellar list of investors doesn’t just underline the quality of our tech and IP – it also gives us access to highly strategic resources and capabilities as we move to the next level. We are excited to have global investors like Boeing HorizonX and Singtel Innov8 supporting our mission to deliver the internet of things for everyone, everywhere.”
Blue Sky’s South Australian Venture Capital Fund Investment Director, Atlanta Daniel, said Blue Sky co-led this Series A round investment in Myriota and was proud to announce the investment as the first from the $50m South Australian Venture Capital Fund, initiated by the South Australian government.