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Astrocast closes $9.2 M funding round for faster IoT module production

Author : Pankaj Singh | Published Date : 2019-09-05 
  • IoT Nanosatellite network developer Astrocast has recently announced the closing of a Series A funding round involving new as well as existing investors at an amount of $9.2 M (CHF 9M).
  • The Swiss nanosatellite network producer is the only IoT company working in partnership with leading aerospace companies ESA (European Space Agency), Thuraya, and Airbus.

This funding round brings the company’s current capital to $16.9 M, which it plans to use for accelerated IoT module production and to initiate commercialization and deployment of the new LEO (Low Earth Orbit) network.

Astrocast Chairman, Jose Achache has reportedly stated that this year has been successful for the company, thanks to two satellite launches and an increasing pilot customer numbers, proving its proficiency in providing the world with access to IoT.

The 2nd test satellite launch in April 2019 successfully demonstrated Astrocast’s network capabilities by launching, propelling, determining the accurate position and communicating with the satellite in the span of just 2 hours post-launch.

Astrocast is also the first company providing energy-efficient and reliable two-way IoT communications at any place, through commercial access to the L-band frequency. Both the satellites are functioning well and have passed a full system test.

Astrocast is currently in commercial discussion with its partners, with its three initial pilot customers Marine Instruments, Actia and Swiss Fresh Water having started on-the-ground testing.

The company has also been awarded a growth loan of $508,700 by the Foundation for Technological Innovation, which is aimed at propelling entrepreneurship, innovation and strengthening the local economy by facilitating start-ups in technology based in the Vaud Switzerland County.

Astrocast CEO Fabien Jordan claims that their upcoming Q1 commercial launch in 2020 will pave the way for their confirmation as leaders in IoT nanosatellite networks and will demonstrate their technological prowess in delivering effectual IoT satellite coverage across the globe. He added that the next step would be to work with investors to accelerate the deployment of Astrocast’s global satellite fleet.

Source Credit: https://www.businesswire.com/news/home/20190903005971/en/Astrocast-Announces-Series-Funding-CHF-9M-Commercial

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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