Spain’s SETT has invested €13.8M in Sateliot to enhance its satellite network, part of a €70M Series B round, aiming to improve connectivity in remote areas.
The Spanish government has allocated €13.8 million to Sateliot to expand its satellite network, reinforcing Europe’s technological independence in space communications.
Spanish Government Backs Sateliot with €13.8M Investment
The Spanish government, through the State Secretariat for Telecommunications and Digital Infrastructure (SETT), has announced a €13.8 million investment in Sateliot. This funding is part of a larger €70 million Series B financing round, which also includes support from the European Investment Bank (EIB). The move aims to bolster European technological sovereignty in the satellite communications sector.
Sateliot’s Ambitious Satellite Constellation
Sateliot plans to deploy over 100 satellites to provide real-time connectivity in remote and underserved areas. The company targets key sectors such as defense, security, and logistics, where reliable communication is critical. According to a press release from Sateliot, the new funding will accelerate the deployment of their low-Earth orbit (LEO) satellite network.
The investment underscores Spain’s commitment to becoming a leader in space technology. SETT highlighted that this initiative aligns with the European Union’s broader goals of reducing dependency on non-European satellite providers.
Broader Implications for Europe
The European Investment Bank’s participation in the funding round signals strong institutional support for Sateliot’s vision. A spokesperson from the EIB mentioned that this investment is part of their strategy to foster innovation and infrastructure development within the EU.
Sateliot’s CEO emphasized that the satellite constellation will not only enhance connectivity but also support IoT (Internet of Things) applications, enabling seamless data transmission across the globe. The company has already secured partnerships with several telecom operators and logistics firms, as reported in a recent blog post on their official website.
With this latest injection of capital, Sateliot is poised to play a pivotal role in the global satellite communications market, challenging established players like SpaceX’s Starlink and OneWeb.
