Barcelona-based Sateliot has raised €70 million in Series B funding to deploy a global 5G-IoT satellite network, targeting remote areas and key industries.
Sateliot, a Barcelona-based company, has announced a €70 million Series B funding round to expand its 5G-IoT satellite network. The funding will support the deployment of over 100 satellites, aiming to provide global connectivity for remote areas and industries such as defense, logistics, and agriculture.
Funding and expansion plans
Sateliot has secured €70 million in Series B funding, as reported in a recent press release. The company plans to use the funds to launch a constellation of over 100 satellites, building on the six already in orbit. This expansion aims to provide seamless 5G-IoT connectivity worldwide, particularly in remote and underserved regions.
Target industries and projected contracts
The company has identified defense, logistics, and agriculture as key sectors for its services. According to Sateliot, the projected contracts from these industries are worth €270 million across 50 countries. The global 5G-IoT network is expected to enhance operational efficiency and connectivity for businesses in these sectors.
Future outlook
Sateliot’s ambitious plans align with the growing demand for reliable and global IoT connectivity. The company’s focus on remote areas and critical industries positions it as a significant player in the satellite communications market. Further updates on satellite launches and partnerships are expected in the coming months.
