Astrocast Raises $9.2 Million in Additional Funding
Astrocast, an Internet of Things (IoT) nanosatellite network developer, closed $9.2 million (9 million CHF) Series A round of funding from new and existing investors. The company has raised &16.9 million (16.6 million CHF) to date and will use the capital to accelerate production of IoT modules, to begin the commercial phase and deployment of the Astrocast’s Low Earth Orbit (LEO) IoT network.
Astrocast is partnered with Thuraya, the European Space Agency (ESA), and Airbus. The launch of a second test satellite in April of this year makes Astrocast the first to prove its ability to launch, propel, and accurately determine the position and communicate with the LEO nanosatellites in less than two hours after launch.
“We are excited to see the continued confidence of our investors and partners in the new space race and our company as we make our mission of building the world’s first IoT network for the planet, a reality,” said Fabien Jordan, CEO of Astrocast. “As we move toward our commercial launch in Q1 of 2020, we are further confirming our leadership as a fully integrated nanosatellite operator and our unique ability to deliver efficient IoT satellite coverage globally. Next steps with investors will be to secure an accelerated deployment of our global fleet of satellites.”