Spain is making a substantial investment in Sateliot, a Spanish startup focused on building a large-scale satellite constellation. The investment of nearly 14 million euros ($15 million) will help Sateliot expand its network to at least 100 nanosatellites. This announcement, made on March 25th, is part of a larger Series B funding round aiming for 70 million euros, with almost 60 million already secured.
Sateliot, initially concentrating on using its 5G-compatible satellites for data relay from tracking devices, has broader ambitions. The company plans to deploy a total of 250 satellites to deliver near real-time messaging directly to standard smartphones globally. This positions them in a competitive market alongside companies like OQ Technology, SpaceX, AST SpaceMobile, and Lynk Global.
The funding comes from the Spanish Society for Technological Transformation (SETT), a state-backed fund. This follows a 30 million euro loan from the European Union and an additional 15 million euro investment from Global Portfolio Investments. "The confidence shown by SETT and other institutional investors confirms that Sateliot is Europe’s answer to the growing need for secure, accessible, and autonomous satellite connectivity — essential for critical applications in civil, security, and defense sectors,” stated Sateliot cofounder and CEO Jaume Sanpera.
Sateliot boasts impressive early success, with contracts totaling approximately 270 million euros in annual recurring revenue across 400 customers in 50 countries. This positions them to achieve their ambitious goal of 1 billion euros in sales by 2030.