Myriota raises $28m for IoT satellite network

Myriota, the world leader in low-cost and low-power satellite connectivity for the Internet of Things (IoT), has announced a $28M AUD Series B funding round led by Hostplus and Main Sequence Ventures. Additional investors include In-Q-Tel, Inc., Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, and former Prime Minister Malcolm Turnbull.

In 2017 Myriota was selected, along with wearable technology company IMeasureU, to develop the Fight Recorder under a $700,000 contract from the Next Generation Technologies Fund (NGTF) which is administered by DST. The following year, Myriota was one of the Australian firms whose technology was tested in the Five Eyes Contested Urban Environment 2018 challenge in Montreal. Myriota’s Internet of Military Things (IoMT) technology was applied in three ways, programmed to simulate the detection of a chemical attack. When triggered, the terminals sent an alert to the Common Operating Picture in the challenge’s Tactical Operations Centre.

Founded in 2015, Myriota has pioneered a new way to retrieve data from anywhere on Earth through the connectivity between its constellation of satellites and low-power IoT modules. It has helped revolutionise the way operators share information across multiple industries, such as agriculture, defence, mining, transport, logistics and more.

This latest round of funding brings Myriota’s total funding to more than $50 million.

All participants in Myriota’s Series A have returned to participate in this new capital-raising.

Q-Tel, Inc. is a new investor, a US-based not-for-profit strategic investor that supports cutting-edge and critically needed technology capabilities that benefits the national security of the United States and its allies.