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Adelaide nanosatellite startup raises $19m to become global player in IoT

By Administrator | 28 March 2018

Nanosatellite startup Myriota has closed a $19.4 million Series A funding round with the backing five venture capital firms, making it the largest round announced globally to date for a tech startup using Space 2.0 for the internet of things (IoT).

Founded in Adelaide in 2015 as a spin-out from the University of South Australia, Myriota says its aim is to become the key communications network for the global IoT sector. This market is set to have 27 billion connected devices generating a revenue of US$3tn per annum by 2025.

With direct-to-orbit technology, Myriota enables massive scale, low-cost communications for IoT devices anywhere on the planet.

The round was led by Australian VC firms Blue Sky Venture Capital and Main Sequence Ventures and included Boeing HorizonX Ventures, Singtel Innov8 and Right Click Capital. It is the first investment outside the United States for Boeing HorizonX Ventures.

Myriota plans to accelerate its growth by launching more satellites, delivering revolutionary large-scale IoT deployments, and expanding its global operations. Read more

Ben Hall- Business News Australia- 27 Mar 2018

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