Myriota secured $19.3M in Series B Funding to expand IoT Devices at Scale

Myriota, an Australia based provider of low-cost Satellite connectivity solutions for the IoT, has now secured $19.3 Million in the funding round of Series B.

The round, which brings the total funding of the company to more than $37 million, was backed by the Main Sequence Ventures and Hostplus Ventures with participation from Right Click Capital, Singtel Innov8, South Australian Venture Capital Fund, Boing HorizonX, and Malcolm Turnbull, notes the announcement.

Founded in 2105, Myriota offers low power and low-cost satellite connectivity solutions for the IoT industry. The use cases range from measuring groundwater levels to asset tracking, to keeping tabs on weather stations, to remote infrastructure management, across different industries, which includes the logistics, agriculture, mining and more.

Executive Opinion

Co-founder, and CEO, Myriota, Alex Grant, said, "This is a critical time for IoT. Presently, 90 percent of the Earth’s surface lacks connectivity. At Myriota, we’ve been focused on filling that gap and overcoming constraints in existing infrastructure. With this new round of funding, we’ll continue to grow our network of satellites to deliver an affordable, environmentally friendly, and powerful solution to make data accessible for our global customer base."

Partner at Main Sequence Ventures, Martin Duursma, said, "Since our initial investment, we’ve witnessed an impressive acceleration in Myriota’s customers’ delivering solutions, from agriculture to defense. This next wave of funding secures the bigger opportunity to scale the company globally and execute on the core product vision of universal, low-cost IoT connectivity. With global economies and conditions currently in flux, what Myriota will do in its next phase is even more critical. This includes doubling down on accessibility and deepening its networks across the areas of the world that need it the most."

Myriota's Latest Funding

The Myriota plans to use the new funds to expand its platform, bolster its constellation of satellites to 25 by the end of 2022, increase its team size and to expand across the globe.

The intended expansion already started with the acquisition of exactEarth and its satellite communications assets. Myriota now has four satellites and required staff members. The global network of ground station assets from the acquisition can be leveraged to build a presence across international markets, notes the announcement.