The funding consists of a $25 million equity investment from the federal government’s National Reconstruction Fund and a cash injection from venture capital partners Main Sequence and investors, including InterValley Ventures.
Myriota products connect small devices on the ground to nanosatellites in space. It allows, for example, farmers to track their animals remotely or authorities to monitor water quality in hard-to-reach places.
“These investments in Myriota will support our hyper-growth and continued role as a leader in democratised satellite connectivity,” Myriota CEO Ben Cade said.
==
==
“We strive to enable solutions that have immediate benefit from just a single, out-of-the-box deployment on a small farm, all the way through to a large enterprise deploying tens of thousands of sensors across all their locations.”
The Australian federal government established the National Reconstruction Fund Corporation (NRFC) to invest $15 billion in seven priority areas of the economy. It’s governed by an independent board appointed by the Minister for Industry and Science and the Minister for Finance.
“South Australia is helping the country to not only rebuild its manufacturing muscle but sharpen its edge with new technologies and industries like what we’re seeing at Myriota,” Science Minister Ed Husic said.
“In a country as vast and remote as ours, communications and connectivity is absolutely crucial. Backing investments like this is pivotal to achieving that.”
PROMOTED CONTENT
Myriota’s success comes weeks after fellow Australian nanosatellite firm Fleet Space Technologies raised a further $150 million from investors.
The rare “series D” funding round is a dramatic increase from the $5 million, $35 million and $50 million brought in through its A, B and C rounds, respectively.
The company’s extraordinary rise has been led by its satellites that can detect minerals underground from space. The technology effectively allows mining companies to both speed up the hunt for minerals and reduce costs by lowering the need for invasive land surveying.
“ExoSphere” has led Fleet to be named one of Australia’s fastest-growing companies, boasting clients such as Rio Tinto, Barrick Gold, and Core Lithium.
It has recently expanded its global footprint to include the US, Canada, Chile, and Luxembourg and now employs more than 130 people. Aside from mineral detection, the firm is also creating a device known as SPIDER that can detect minerals on the moon’s south pole.
Adam Thorn
Adam is a journalist who has worked for more than 40 prestigious media brands in the UK and Australia. Since 2005, his varied career has included stints as a reporter, copy editor, feature writer and editor for publications as diverse as Fleet Street newspaper The Sunday Times, fashion bible Jones, media and marketing website Mumbrella as well as lifestyle magazines such as GQ, Woman’s Weekly, Men’s Health and Loaded. He joined Momentum Media in early 2020 and currently writes for Australian Aviation and World of Aviation.
Receive the latest developments and updates on Australia’s space industry direct to your inbox. Subscribe today to Space Connect here.
