European IoT 5G Satellites Receive €10m Funding

Sateliot, a pioneering company based in Spain, has successfully raised €10 million in its latest funding round. This significant investment will be utilized to construct narrowband NB-IoT 5G satellites, marking a major milestone in the company's ambitious plans for the future.

The primary objective for Sateliot is to develop a network of 100 5G satellites that will facilitate seamless connectivity among devices within the Internet of Things (IoT) ecosystem. The company aims to achieve this goal by 2028, enabling real-time communication and data exchange on a global scale.

Leading the recent funding round is Global Portfolio Investments, a prominent entity in the Spanish investment landscape. This contribution is part of a larger Series B round totaling €30 million, which signifies a strong show of support for Sateliot's vision and potential.

Global Portfolio Investments now joins a select group of national shareholders, including Indra, Cellnex, and Sepides, who have collectively raised €25 million for Sateliot since 2019. Notably, Qualcomm, a renowned developer of NB-IoT modems and chips, has also become an investor in the company.

In a strategic move last month, Sateliot successfully launched the first four satellites for its constellation, paving the way for the commencement of commercial services in the first quarter of 2025. This milestone is expected to generate significant annual recurring revenue for the company, which has already secured contracts exceeding €250 million with over 400 clients across more than 50 countries.

"This investment represents a significant milestone for Sateliot and serves as a strong vote of confidence for potential investors looking to join our mission. It also propels us forward in our strategic roadmap towards deploying the full constellation and achieving our financial targets," stated Jaume Sanpera, the CEO and co-founder of Sateliot.

Recently, Sateliot was welcomed into the steering board of the newly established Non-Terrestrial Network (NTN) Forum by the European Space Agency. This forum has been created to foster collaboration in implementing non-terrestrial network solutions for advanced 5G and future 6G networks, particularly in remote and challenging environments.

"Participating in the NTN Forum presents a unique opportunity for us to collaborate closely with industry experts. Together, we are dedicated to shaping the future of global telecommunications by harnessing space-based solutions to enhance connectivity on a global scale," expressed Marco Guadalupi, the CTO of Sateliot.

For more information about Sateliot and its groundbreaking initiatives, visit www.sateliot.com.