Sateliot, the company launching the first constellation of low-earth orbit (LEO) nanosatellites providing 5G coverage for IoT (Internet of Things), received €6 million in funding from Banco Santander.
The funding will assist Sateliot in development of its technology and the deployment of its satellite constellation. In 2024, the company is poised to launch four new satellites, beginning its commercial phase.
This funding, along with two other recent capital injections result in a total of €13.5 million.
Additional funding includes a participatory loan of €2.5 million granted two weeks ago by Avança, and there is also €5 million from the convertible note issued by the company.
"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,” said Jaume Sanpera, CEO and co-founder of Sateliot. “With all of them, we have created a strategic partnership that reinforces our leadership in the first ever 5G-IoT constellation."
Sateliot has Indra and Cellnex as industrial partners, holding 10.5% and 3.5% ownership, respectively. Additionally, Sepides holds approximately 5% of the capital.
Series B Next
Sateliot's next strategic move will be initiating a Series B funding. This will finance the next phase of the satellite constellation comprising 250 nanosatellites deployed under the 5G standard, launching an additional 64 over the next 18 months. Sateliot has secured agreements with global telecommunications operators and companies in the sector, boosting a binding orders backlog of over €150 million.