NEWSBYTE: Aerospace giant Boeing has invested in Myriota, an Adelaide, Australia-based Internet of Things (IoT) start-up that is seeking to transform the satellite communications market.
Myriota aims to provide low-cost access to high-value data in remote locations. Its technology enables two-way communication between ground-based micro-transmitters and low-Earth-orbit (LEO) nanosatellites to share data securely over narrow bandwidths.
This ‘direct-to-orbit’ platform enables IoT applications across the logistics, defence, utilities, agricultural, environmental, and maritime sectors, where connectivity via traditional means can be both challenging and expensive.
Looking to the Horizon
The co-investment comes from Boeing HorizonX Ventures, which was launched in April 2017 to invest in innovative, high-concept startups. This is the group’s first investment outside of the US, and the tenth since the venture was launched.
The $15 million Series A funding round was led by Australian VC firms Blue Sky Venture Capital and Main Sequence Ventures, among others.
“Part of the mission of Boeing HorizonX is to pursue and accelerate innovations coming out of start-ups around the world. By investing in Myriota, we are proud to support Australia’s start-up ecosystem and growing space industry,” said Steve Nordlund, VP of Boeing HorizonX.
“Myriota’s technology influences how we think about space-based communications and connectivity in remote locations,” he added.
Myriota was founded in 2015, and its CEO Alex Grant suggested that the company’s main aim was to solve a major connectivity problem: the hundreds of millions of devices that need to communicate, but don’t have the cost-effective, battery-friendly networks to do so.
“The scale of this investment, with strong domestic venture capital leadership and strategic participation by global investors, is significant for Myriota and our vision to deliver IoT connectivity for everyone, everywhere,” he said.
Internet of Business says
While Myriota is the first Australian company that Boeing HorizonX Ventures has invested in, Boeing itself has been investing heavily in Australian technology.
Among its investments this year are a set of space-related R&D projects with CSIRO, and the launch in Queensland of the company’s largest autonomous systems development programme outside of the US.
Last year, Boeing made a $383,000 investment over five years in Adelaide-based Techstars’ global accelerator programme to support local startups.