Barcelona-based satellite IoT provider, Sateliot, has raised EUR 10 million from venture capital firm, Global Portfolio Investments, contributing to an ongoing EUR 30 million Series-B funding round.
This investment round has attracted interest from prominent companies such as Indra Sistemas, Cellnex, and SEPI Desarrollo Empresarial (part of the Spanish, government-owned, SEPI).
The new funding will support Sateliot’s goal of expanding its NB-IoT satellite constellation to 100 satellites by 2028, with all investors being Spanish.
SEPI, a state holding company under the Spanish Ministry of Finance, has been described as a sovereign wealth fund and forms part of a core group of national shareholders backing Sateliot, a company focused on building an NB-IoT satellite constellation based on Release-17 specifications of the 5G NR standard.
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Investor Breakdown
While the quartet of investors provides strong national support, Sateliot aims to attract international investors as well. The company indicated that its significant global reach reinforces its commitment to promoting a nationally backed project with strong European and worldwide support.
In a recent statement, Sateliot noted that Global Portfolio Investments has become the leading investor in the EUR 30 million Series-B funding round and holds over 10 percent of the company following a recent capital increase.
Since its inception in 2019, Sateliot has raised a total of EUR 25 million, with over half of this amount coming in 2023, notably including a EUR 6 million investment from Banco Santander.
The company aims to achieve “global coverage in real time” by 2028, leveraging around 100 NB-IoT-equipped satellites, focusing on sectors like agriculture, industry, and logistics. In August, Sateliot launched four low Earth orbit (LEO) nanosatellites via a SpaceX mission, positioning itself for commercial operations.
Sateliot plans to begin offering services in the first quarter of 2025, with expectations of generating annual recurring revenue. The company claims to have secured contracts with over 400 clients across more than 50 countries, aiming to connect eight million devices valued at over EUR 250 million.
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NB-IoT at the Forefront
Looking ahead, Sateliot projects revenues of EUR 500 million by 2027 and EUR 1 billion by 2030, supported by a virtualized cloud-native 5G core for its NB-IoT satellite service through a partnership with AWS established in late 2022.
Sateliot aims to offer satellite NB-IoT as a roaming extension for terrestrial operators, with Telefónica currently trialing the service. In February, Telefónica announced a collaboration with Swedish power grid firm, Sentrisense, to utilize satellite IoT for electric grid sensors.
Additionally, Sateliot has secured a significant partnership with freight software and analytics company, t42. Together, the entities will deploy thousands of 5G-IoT sensors in shipping containers for over 50 logistics partners across more than 50 countries.
