Today Sateliot, the company launching the first constellation of low-earth orbit (LEO) nanosatellites providing 5G coverage for IoT, has secured €6 million in funding from Banco Santander.
Sateliot is launching the first LEO satellite constellation based on the 5G standard, allowing unmodified commercial cellular NB-IoT NTN devices to connect from space.
It is the first time in history that terrestrial cellular telecommunications seamlessly merge with satellite connectivity.
Sateliot’s cost-effective technology and the ability to use low-cost commercial devices (under $5) to connect to satellites opens up endless possibilities in the untapped market of massive IoT in remote areas.
Jaume Sanpera, CEO and co-founder of Sateliot, states:
“The completion of these three operations demonstrates the confidence that top-tier banks, regional public administrations, and other groups such as venture capital, family offices, or business angels have placed in us.
With all of them, we have created a strategic partnership that reinforces our leadership in the first ever 5G-IoT constellation.”
This funding brings the company’s funding to €13.5 million.
Sateliot’s next strategic move will be initiating a Series B funding. This will finance the next phase of the satellite constellation comprising 250 nanosatellites deployed under the 5G standard, launching an additional 64 over the next 18 months.
Sateliot has already secured agreements with global telecommunications operators and companies in the sector, boosting a binding orders backlog of over €150 million.
Lead image: Sateliot. Photo: uncredited.