Satellite firm Swarm Technologies raised $25 million in Series A funding round to deploy more satellites for its low-cost Internet-of-Things network

Briefing

Satellite firm Swarm Technologies raised $25 million in Series A funding round to deploy more satellites for its low-cost Internet-of-Things network

January 31, 2019

Briefing
  • Low-Cost IoT Network – Satellite company Swarm Technologies developed world’s smallest two-way communication satellites that will connect Internet-of-Things (IoT) devices at lower costs
  • $25 Million Funding – Raised $25 million in Series A financing round led by Craft Ventures and Sky Dayton, founder of EarthLink and Boingo, with participation from Social Capital, 4DX Ventures and NJF Capital
  • Funding Uses – Funding will be used to accelerate software and hardware integrations for customer deployments, hire new talent, and deploy constellation of 150 satellites over next 18 months (through July 2020)
  • Applications – Include connected vehicles, agriculture sensors, shipping container and asset tracking, water monitoring devices, smart meter reporting, and connecting people in rural and remote areas with text messaging
  • Pilot Tests – Successfully conducted pilot tests on early-stage startups and Fortune 100 enterprises in areas such as agriculture, maritime, ground transportation, and text messaging services

Accelerator
Internet-of-Things, Networks and Connectivity, Space Commercialization

Market Disruption
PE/VC Investments

Sector
Information Technology, Telecommunications

Organization
Swarm Technologies

Source

Original Publication Date
January 24, 2019

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