Rendering of the Sateliot concept in orbit. Photo: Sateliot
Spanish satellite IoT startup Sateliot has raised €30 million ($33 million) in a Series B funding round led by Global Portfolio Investments. The deal makes the Spanish investment group one of the company’s largest shareholders.
Sateriot plans to use the funding to build a constellation of 100 IoT satellites that will run on 5G protocols and provide real-time global IoT connectivity for industries like agriculture and logistics by 2028.
Sateliot recently launched four new satellites on a SpaceX rideshare mission in August. These satellites will enable Sateliot to begin commercial service in the first quarter of 2025.
The company says it has contracts worth more than 250 million euros ($278 million) with over 400 customers. It has set ambitious goals of invoicing 500 million euros ($556 million) in 2027 and 1 billion euros ($1.1 billion) in 2030.
“This investment is a major boost for our company, sends a message of confidence to other interested investors, enabling them to participate in our projects. It also marks a decisive step in continuing to advance our strategy to deploy our constellation and achieve our financial targets,” CEO Jaume Sampera commented.
