Connected, a Portuguese startup on a mission to make universal, standardised, and affordable Narrowband Internet of Things (NB-IoT) connectivity from space a reality, has secured its €2 million funding round, the largest Pre-Seed ever raised by a Portuguese-based spacetech startup.
The demand for space-based connectivity is growing, driven by the exponential growth of IoT devices in off-grid areas without terrestrial cellular coverage.
Projections indicate that the number of IoT devices demanding satellite-based connectivity will exceed 21 million worldwide by 2026. This growth has exposed the fact that approximately 80 per cent of the planet lacks mobile cellular coverage, leaving over 450 million people disconnected from the grid and limiting the potential of many businesses.
Connected is developing a proprietary, autonomous, scalable, and easily integrated payload system designed for third-party satellites in low Earth orbits (LEO) to address this challenge.
Narrowband IoT (NB-IoT) is a wireless telecommunications technology standard developed specifically for IoT and is designed for long-term, low-energy, lost-cost use cases. It’s characterised by large-signal repetition. It uses narrow channels, allowing the transmission of data over a much narrower channel, which improves range and is suitable for communicating with satellites in space.
Connected’s network, currently in development, will seamlessly integrate space nodes and ground terminals, offering connectivity services for a wide range of applications.
These include personal applications, such as emergency support in remote areas, and IoT applications that facilitate climate transition, such as fire prevention and wildlife protection. The network will also support digital transformation efforts in sectors like precision agriculture, aquaculture, territorial surveillance, and defence.
The funding is co-led by FundBox, Shilling VC, and Iberis Capital, with significant contributions from Amena Ventures, angel investor Keith Willey and Octopus Ventures.
Tiago Rebelo, Co-Founder and CEO of Connected, shared:
"The successful completion of this major funding round is a significant achievement for a company that was only incorporated one year ago.
We are delighted to have secured this funding and have the support of esteemed investors who share our vision.
At Connected, we are committed to providing affordable NB-IoT connectivity from space, using our unique proprietary technology to be hosted on third-party satellites globally and providing a unique service in the most sustainable manner. With this investment, we are one step closer to revolutionising connectivity worldwide."
Nuno Trindade, Partner at Fundbox, said:
"We believe there is still much to be done in the space sector, a high-risk, high-return sector in which we have been investing.
Having had the opportunity to invest in an ambitious project, Made In Portugal, we did not hesitate to trust Tiago and his team, confident that they will lead this project to success on a global scale."
With this investment, Connected will expand the team and accelerate the development of its proprietary technology. The company expects to carry out its first tests in space at the end of 2024.
Lead image: The Connected team. Photo: uncredited.
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