The European Investment Bank (EIB) has granted €30 million to Spanish startup Sateliot to accelerate the deployment of its Low Earth Orbit (LEO) satellite network. This initiative aims to provide IoT connectivity in remote areas where traditional mobile networks fall short.
Sateliot’s constellation, comprising over 100 small satellites, will enable 5G narrowband IoT connectivity for more than 8 million devices across rural, maritime, and isolated regions. This marks the EIB’s first venture debt financing in the satellite communication sector for a Spanish company, supported by the InvestEU program to foster innovation and digital transition in the European space industry.
The project is part of the EU’s broader push to support innovative startups, contributing to environmental monitoring, agriculture, and security applications.
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