Sateliot has closed a €70 million Series B funding round that it will use to accelerate the deployment of its low Earth orbit constellation.
Founded in 2018, Sateliot is developing a constellation of 100 nanosatellites in low Earth orbit to provide 5G Internet of Things (IoT) communication services. IoT connects devices, vehicles, and other objects, enabling them to collect and exchange data over the internet without human intervention. Sateliot markets its services for applications in defense, logistics, mining, energy, environmental monitoring, agriculture, and critical infrastructure.
On 26 March, Sateliot announced that it had closed a €70 million Series B funding round. The round included a €10 million contribution from the European investment fund Hyperion, €13.8 million from Spain’s Society for Technological Transformation, and a €30 million debt facility from the European Investment Bank.
Sateliot plans to use the additional funding to accelerate the deployment of its 100-satellite constellation. To date, the company has launched six satellites, including four aboard a SpaceX Falcon 9 during the Transporter-11 rideshare mission in August 2024. Sateliot CEO Jaume Sanpera said the launch allowed the company to “begin generating revenue.” At the time, Sateliot was in talks to secure a €30 million Series B, less than half of what it would ultimately raise.
According to a 26 March press release, Sateliot has secured €270 million in contracts with over 400 clients across 50 countries. These contracts will be activated once the provider launches commercial services, which it currently plans to do later this year. Sateliot has outlined an ambitious goal of reaching €1 billion in revenue by 2030.
