Sateliot Secures €10M to Expand NB-IoT Satellite Constellation

Image credit: Sateliot

Published on September 30, 2024

Barcelona-based satellite IoT provider Sateliot has secured €10 million from Global Portfolio Investments in a €30 million Series B funding round, attracting interest from notable companies like Indra Sistemas, telecom tower operator Cellnex, and SEPIDES, part of the state-owned SEPI group. The investment will be used to scale Sateliot’s NB-IoT satellite constellation, with plans to deploy 100 satellites by 2028 to offer global real-time coverage.

SEPI, controlled by the Spanish Ministry of Finance, leads a core group of national investors supporting the project. Sateliot’s constellation is being built on 5G NR Release-17 standards, positioning the company to deliver satellite NB-IoT services that act as a roaming extension for terrestrial operators. The company is looking to attract additional international investors to further strengthen its position.

Sateliot has already raised €25 million since its launch in 2019, with more than half coming from 2023 alone, including €6 million from Banco Santander. Its services, aimed at sectors like agriculture, industrial operations, and logistics, are expected to go live in early 2025, targeting over 400 clients in more than 50 countries. The company has already secured contracts to connect eight million devices, valued at more than €250 million, and projects revenues of €1 billion by 2030.

In addition to its satellite launches, including four nanosatellites via a SpaceX mission in August, Sateliot has partnered with AWS to develop a cloud-native 5G core for its service. The firm has also secured notable partnerships, including one with Telefonica and Sentrisense to deploy IoT sensors for electric grids, and another with t42 to install 5G-IoT sensors in shipping containers for logistics companies worldwide.

Share this news: