by Alan Boyle on March 26, 2018 at 10:50 amMarch 26, 2018 at 10:52 am Boeing’s HorizonX venture capital arm has made its first investment outside the U.S., as part of a $15 million Series A funding round for an Australian satellite-based IoT startup called Myriota. Myriota makes use of low-power micro-transmitters to connect with a constellation of nanosatellites that’s operated in league with Canada-based exactEarth, and send snippets of data from remote sensors to a cloud-based processing platform.
The system could let farmers know how full their water tanks are, for example, or monitor personal “black-box recorders” worn by soldiers on the battlefield. Myriota says its system fills a need that’s likely to become more urgent in the years ahead, due to the proliferation of connected devices known collectively as the Internet of Things, or IoT.
By 2025, there could be as many as 75 billion connected devices, generating trillions of dollars annually, analysts say. “The Internet of Things has a major connectivity problem: hundreds of millions of devices that need to communicate but don’t have cost-effective, battery-friendly networks to do so,” Myriota CEO Alex Grant said today in a news release.
“Myriota solves this problem.” The company was created in 2015 as a spin-out from the University of South Australia in Adelaide. ExactEarth provided $1.55 million in seed funding, plus in-kind contributions.
In February, Myriota said it would open a $2 million Internet of Things Innovation Lab in Adelaide. The newly announced $15 million investment round is led by Australian venture capital firms Main Sequence Ventures and Blue Sky Venture Capital, with additional participation from Boeing HorizonX, Singtel Innov8 and Right Click Capital. Read more from geekwire.com…
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