Barcelona, San Diego – Sateliot, the company launching the first constellation of low-earth orbit (LEO) nanosatellites providing 5G coverage for IoT (Internet of Things), has secured a €6 million funding from Banco Santander.
This financial backing from Banco Santander will enable Sateliot to accelerate the development of its technology and the deployment of its satellite constellation. In 2024, the company is poised for significant growth with the launch of four new satellites, marking the beginning of its commercial phase.
With this transaction, Banco Santander reaffirms its commitment to the growth and digitization of companies and the promotion of innovation through its Growth program, particularly with the support of Santander Corporate & Investment Banking (Santander CIB).
Financial Strength
This funding and two other recent capital injections totaling €13.5 million in less than a year solidify Sateliot’s financial position. One is a participatory loan of €2.5 million granted just two weeks ago by the public company Avança. In addition, there are also €5 million from the convertible note issued by the company.
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 financial strength allows Sateliot to approach 2024 with the necessary stability to execute its business strategy, sending a strong message of confidence to the market. Sateliot has Indra and Cellnex as industrial partners, holding 10.5 percent and 3.5 percent ownership, respectively. Additionally, Sepides holds approximately 5 percent of the capital.
Series B
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.
About Sateliot
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, and Sateliot is leading this revolution. 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. Sateliot’s mission has a global impact: to make IoT connectivity available everywhere and for everyone.
The company was founded in 2018, and it has already built up a sales pipeline of more than €1 billion on companies with a diversified range of use cases and geographies. It was founded by a group of seasoned entrepreneurs with extensive telecom and satellite technology experience.
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- Source: https://www.iotforall.com/press-releases/banco-santander-funds-sateliot-with-e6-million
