Boeing targets remote locations with investment in IoT nanosatellite startup
Myriota’s technology enables two-way communications between ground-based micro-transmitters and low-Earth-orbit (LEO) nanosatellites to securely share data over narrow bandwidths. The company says it is seeking to “revolutionize” satellite communications by providing low-cost access to high-value data in remote locations.
Its direct-to-orbit platform enables applications across the logistics, defense, utilities, agricultural, environmental, and maritime industries, where IoT connectivity via traditional means is extremely challenging and expensive. Boeing is investing in Myriota via its venture capital arm, Boeing HorizonX, and the investment represents Boeing’s first in a company outside of the U.S. and its 10th since Boeing HorizonX was launched in April 2017.
“Part of the mission of Boeing HorizonX is to pursue and accelerate innovations coming out of startups around the world,” says Steve Nordlund, vice president of Boeing HorizonX. “By investing in Myriota, we are proud to support Australia’s startup ecosystem and growing space industry. Myriota’s technology influences how we think about space-based communications and connectivity in remote locations.”
Myriota was founded in 2015 as a spin-out from the University of South Australia’s Institute for Telecommunications Research. Its direct-to-orbit technology is designed to enable massive-scale, low-cost communications for IoT devices anywhere on Earth.
“We formed Myriota to solve 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,” says Myriota CEO Alex Grant. “The scale of this investment, with strong domestic venture capital leadership and strategic participation by global investors is significant for Myriota, and our vision to deliver IoT connectivity for everyone, everywhere.”
Boeing HorizonX Ventures participated in the $15 million Series A funding round, which was led by Australian firms Blue Sky Venture Capital and Main Sequence Ventures. Other investors include Right Click Capital and Singtel Innov8.
www.boeing.com
https://myriota.com
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