Tuesday, 07 April 2020 09:48

Myriota raises $28m in series B funding round

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Myriota raises $28m in series B funding round Supplied

South Australia-based Myriota, a connectivity provider for nanosatellite Internet of Things devices, undertaken a $28 million series B funding round led by industry superannuation fund Hostplus and Main Sequence Ventures, the company has announced.

Other investors include the CIA's venture capital arm In-Q-Tel, Right Click Capital, South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, and former prime minister Malcolm Turnbull.

Myriota said an indication of its strength in the market was the fact that most of those putting in funds were returning investors, with the exception being In-Q-Tel. Google co-founder Sergei Brin also received backing from In-Q-Tel during his research on the algorithm that was used to set up the search behemoth. 

This new round of funding brings Myriota’s total funding to more than $50 million AUD. The company's Canadian subsidiary recently entered into an agreement with global maritime vessel data provider exactEarth to purchase satellite communications assets.

Myriota has been involved in asset-tracking, measuring groundwater levels, keeping tabs on weather stations, and remote infrastructure management, all of which were extremely time-consuming and expensive without its technology.

myriota co founders

Myriota co-founders Dr David Haley and Dr Alex Grant. Supplied

“This is a critical time for IoT. Presently, 90% of the Earth’s surface lacks connectivity," said Myriota co-founder and chief executive Alex Grant.

"At Myriota, we’ve been focused on filling that gap and overcoming constraints in existing infrastructure.

"With this new round of funding, we’ll continue to grow our network of satellites to deliver an affordable, environmentally friendly, and powerful solution to make data accessible for our global customer base.”

Hostplus chief investment officer Sam Sicilia said: "Investing in the potential of Australian businesses is important to us, and rarely do we have the opportunity to invest in a company that has such an immense global impact.

“We believe in Myriota’s vision to make data accessible for all, as well as the impact Myriota’s low-power satellite connectivity is already having on essential industries. We’re thrilled to help Myriota rapidly scale and connect billions of IoT devices across the world.”

Turnbull said: "Myriota is a leader and innovator in low-cost, low-power IoT. They have paved the way in bringing products to market for global and local applications, both here in Australia's flourishing space sector and across the world.

"Myriota’s growth plans will only strengthen its ability to provide industry-leading connectivity across its network of international partners.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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