Sateliot Secures €13.8 Million in Spanish Government Funding for Satellite IoT Network

Barcelona-based startup Sateliot has received €13.8 million from the Spanish government through the SETT (Spanish Securities and Investment Fund), boosting its ongoing Series B funding round to €58.8 million. The company aims to raise €70 million to deploy 100 low-Earth orbit (LEO) nanosatellites by 2028, expanding NB-IoT connectivity to remote areas worldwide.

Sateliot, which currently operates six satellites after launching four via SpaceX last August, plans to begin commercial services in 2025. It has supply contracts worth €270 million annually, serving over 400 customers across 50 countries, with plans to connect millions of IoT devices in markets like Brazil and the U.S.

The latest funding, approved by Spain’s Council of Ministers, follows a €10 million Series B investment from Global Portfolio Investments and a €5.2 million convertible note. The European Investment Bank (EIB) has also provided €30 million in debt, marking its first venture debt operation in the space sector.

Backed by investors like Indra and Cellnex, Sateliot’s network will comply with 5G Release 17 standards, enabling NB-IoT connectivity for terrestrial 5G devices. The project aligns with European efforts to enhance tech sovereignty, targeting sectors such as defense, logistics, and critical infrastructure.

The company has also partnered with UK-based Eseye to extend coverage beyond terrestrial networks and collaborates with AWS for its virtualized 5G core infrastructure.

Want to dig deeper into this topic watch our episode featuring Juan Sanpera CEO of Sateliot