Spain-based satellite operator Sateliot has secured EUR 6 million in funding from Banco Santander through its High-Growth Enterprise Program. The financial support will enable Sateliot to accelerate technology development and deploy a satellite constellation to extend the IoT reach of existing 5G terrestrial networks.
Also Read: Sateliot Joins GSMA to Offer Seamless Global 5G IoT Connectivity
Financial Boost for Sateliot
"In 2024, the company is poised for significant growth with the launch of four new satellites, marking the beginning of its commercial phase," said Sateliot. Sateliot secured EUR 13.5 million in funding over the past year. The company said One is a participatory loan of EUR 2.5 million granted just two weeks ago by the public company Avanca. Additionally, there is EUR 5 million from the convertible note issued by the company.
Jaume Sanpera, CEO, and co-founder of Sateliot, stated, "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.
Also Read: Entel Partners With SpaceX for Sat-To-Mobile Services in Chile
Series B Funding and Satellite Deployment
Sateliot says this funding allows it to approach 2024 with the required stability to execute its business strategy. 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.
Looking ahead, Sateliot plans to initiate a Series B funding round to finance the next phase of its satellite constellation project. This phase involves deploying 250 nanosatellites under the 5G standard, with an additional 64 set to launch over the next 18 months.
