The Spanish government’s strategic investment of €13.8 million into Sateliot, a Low Earth Orbit (LEO) satellite company, underscores Spain’s commitment to expanding its technological frontiers. This boost comes via the Spanish Society for Technological Transformation (SETT). The goal is to significantly enhance Sateliot’s satellite constellation, expanding its applications in defense, security, logistics, and critical infrastructure sectors.
The investment aligns with Sateliot’s ongoing efforts to solidify its market position. Having already secured €58.8 million out of a targeted €70 million for its Series B financing round, the firm is strategically positioned with support from other noteworthy investors such as Global Portfolio Investments, which contributed €10 million, and a €5.2 million convertible note. Other integral shareholders include Indra, Cellnex, and Sepides.
Sateliot aims to be a pioneering force in satellite telecommunications, promising global and continuous connectivity for IoT devices under the 5G protocol. This capability is crucial for secure and autonomous satellite connectivity, deemed vital for applications in civil, security, and defense sectors. As Sateliot’s CEO Jaume Sanpera states, “The confidence shown by SETT and other institutional investors confirms that Sateliot is Europe’s answer to the growing need for secure, accessible, and autonomous satellite connectivity…”
Moreover, the company acquired a €30 million debt from the European Investment Bank (EIB), marking EIB’s debut venture debt in the space sector, further establishing financial confidence in Sateliot’s vision. This additional support, furnished through the InvestEU program, aims to bolster the European Union’s policy objectives for 2021-2027.
In addition to its successful fundraising, Sateliot continues to make headway in satellite deployment. The firm has launched six satellites thus far, with plans to offer commercial space-based IoT services starting in 2025. The company holds contracts worth €270 million, involving over 400 customers across 50 countries, aiming for a revenue milestone of €1 billion by 2030.