The European Investment Bank (EIB) has provided Sateliot, a Spanish remote connectivity startup, with a €30 million ($32 million) loan. This substantial investment will enable the company to add 16 more nanosatellites to its low Earth orbit network by the end of 2025.
Robert de Groot, vice president of the EIB, stated on December 4th that the loan demonstrates the EIB's dedication to supporting Europe's strategic autonomy in space and enhancing global connectivity. This significant investment underscores the importance of Sateliot's work in the global space communication sector.
Jaume Sanpera, CEO and co-founder of Sateliot, revealed to SpaceNews that the company has also secured commitments totaling €45 million in its Series B funding round, aiming for a €70 million target. This demonstrates investor confidence in Sateliot's technology and growth potential.
Sateliot previously raised €28 million through a blend of debt and equity to develop a constellation compatible with 5G protocols. This compatibility allows terrestrial telecommunication companies to connect with the satellites using mass-market tracking and monitoring devices, expanding their reach and capabilities.
The satellites are designed to gather small data amounts from devices and transmit them to a terrestrial network when a ground station is within range. This efficient data transmission method allows for broad coverage and efficient data handling.
Following the launch of its initial four commercial satellites by SpaceX in August, Sateliot anticipates generating revenue next year from customers in sectors like agriculture and mining. These industries stand to benefit significantly from Sateliot's enhanced connectivity solutions.
Sanpera highlighted the company's space-based roaming agreements, extending cellular coverage to over 50 countries and partnering with more than 400 companies. These agreements encompass nine million devices, representing over $250 million in annual recurring revenue. This substantial revenue stream underscores the market demand for Sateliot's services.
Sateliot previously reported a sales pipeline exceeding €1.2 billion ($1.3 billion). This impressive pipeline signifies a robust demand for their services and signals significant future growth potential.
The company faces competition from companies such as Australia’s Myriota and OQ Technology of Luxembourg, highlighting the competitive landscape of the satellite communication market.
Funding delays have impacted Sateliot’s expansion timeline. Initially aiming for a 2022 launch, the company's plans have been adjusted to accommodate the secured funding and development progress.
Sateliot envisions a total constellation of 250 satellites to offer a near real-time global service, including direct messaging to smartphones utilizing cellular networking protocols. This ambitious goal reflects Sateliot's commitment to revolutionizing global connectivity.
The EIB loan is supported by InvestEU, a key EU program focused on driving significant investment across various sectors in Europe.