FEATURE
Spain pumps almost €14M into Sateliot
Low Earth orbit (LEO) satellite IoT service provider Sateliot homed in on a goal to raise €70 million in a Series-B funding round following a hefty investment by Spain, which views the business as key to closing coverage gaps.
Sateliot stated the €13.8 million Spanish investment brings the total raised in the funding round so far to €58.8 million.
The investment made through the Spanish Society for Technological Transformation (SETT) will contribute to funding a constellation of at least 100 satellites to be used in services spanning defence, security, logistics and critical infrastructure management.
Sateliot noted SETT joined Global Portfolio Investments in the Series-B round, the latter of which contributed €10 million. The companies are now regarded as among the satellite outfit’s “hardcore shareholders”, it stated, listing Indra, Cellnex and Sepides as other key backers.
The latest satellites will add to a total of six launched by Sateliot so far, which the company plans to use to begin commercial services this year. It has booked contracts worth €270 million with more than 400 customers globally.
Co-founder and CEO Jaume Sanpera said the backing of SETT and “other institutional investors confirms that Sateliot is Europe’s answer to the growing need for secure, accessible and autonomous satellite connectivity” for “critical applications”.
The sum raised so far in the Series-B round far exceeds Sateliot’s original €30 million target.
In a separate, related statement, SETT explained its backing would be made through the Ministry for Digital Transformation and Public Service, forming part of a resilience plan focused on strengthening Spain’s “aerospace and technology industry, improving global connectivity” and sectors including telecoms.