ST Engineering Invests into Satellite IoT Company hiSky
Israeli satellite IoT company hiSky has completed a $30 million Series A financing round, led by ST Engineering’s venture capital arm. hiSky announced the round on Wednesday, led by ST Engineering Ventures Pte Ltd, with participation from SDF (Strategic Development Fund), the investment arm of United Arab Emirates-based Tawazun Holding, and current shareholders.
hiSky operates an IoT network with its Smartellite satellite terminals and a cloud-based network management system.
With this investment, ST Engineering’s satellite communications business, ST Engineering iDirect, will now jointly offer hiSky’s IoT satellite terminals with its hub and network management solutions, said Low Ka Hoe, president of Satellite Communications at ST Engineering. The company said that hiSky’s terminals are attractive to customers in industries such as maritime, logistics and utilities, and are future-proof for upcoming Low-Earth Orbit (LEO) developments.
Both Low and Mohamed Al Mazrouei, director at SDF, will join hiSky’s board of directors.
“ST Engineering iDirect is an outstanding tech player with unparalleled sector expertise. With their backing, we will be able to expand our innovative solutions in the satellite industry,” said Shahar Kravitz, CEO and co-founder of hiSky. “Having SDF, the investment arm of Tawazun Holding, onboard as a major player in the gulf, will allow us to rapidly expand in the region along with the growing demand for our products.