Spain Backs Sateliot with Multi-Million Euro Investment to Expand Nanosatellite Constellation
TAMPA, Fla. – The Spanish government is committing almost 14 million euros ($15 million) to Sateliot, supporting the Spanish firm’s ambition to enlarge its network to a minimum of 100 nanosatellites. The low Earth orbit (LEO) satellite company revealed this investment on March 25.
Series B Funding Round Reaches Milestone
Sateliot stated that this capital injection is part of its ongoing Series B funding round, which has now secured nearly 60 million euros towards its 70 million euro target. The company, which intends to launch commercial operations later this year following the deployment of six satellites, will utilize this funding to accelerate its growth plans.
Initial Focus on 5G-Enabled Data Relay Services
Initially, the startup will concentrate on leveraging its 5G-compatible satellites to transmit compact data packets from various tracking and monitoring devices to terrestrial networks whenever ground stations are within reach. This service is designed for mass-market applications requiring ubiquitous connectivity.
Long-Term Vision: Global Direct-to-Smartphone Connectivity
Looking ahead, Sateliot’s objective is to operate a comprehensive constellation of 250 satellites. This expanded infrastructure will enable the delivery of near real-time messaging services directly to standard smartphones across the globe, eliminating the need for specialized hardware.
Competitive Landscape in Direct-to-Device Market
Sateliot is positioned among a growing number of ventures targeting the burgeoning direct-to-device communication sector. Competitors include OQ Technology of Luxembourg, alongside more established U.S.-based players like SpaceX, AST SpaceMobile, and Lynk Global, all vying for dominance in this evolving market.
Strategic Investment from State-Backed Fund
The new financial backing originates from the Spanish Society for Technological Transformation (SETT), a recently formed, government-supported fund dedicated to advancing strategic technology initiatives within Spain. This investment underscores the national importance of Sateliot’s project.
EU Loan Supports Space Autonomy and Connectivity
This funding round follows a prior 30 million euro loan secured from the European Union’s investment branch. That loan was specifically aimed at strengthening the region’s independence in space technologies and enhancing its overall connectivity infrastructure, highlighting Europe’s commitment to space sector growth.
Private Investment Adds to Sateliot’s Financial Strength
Furthermore, Spain-based asset management firm Global Portfolio Investments recently contributed approximately 15 million euros to Sateliot. This investment involved a combination of equity and convertible financial instruments, further diversifying Sateliot’s funding sources and demonstrating investor confidence.
CEO Highlights Strategic Importance for Europe
“The trust demonstrated by SETT and other institutional investors validates Sateliot as Europe’s solution to the increasing demand for reliable, accessible, and independent satellite communications,” stated Jaume Sanpera, cofounder and CEO of Sateliot. He emphasized the essential role of Sateliot’s technology for mission-critical applications within the civil, security, and defense domains.
Strong Revenue Pipeline and Future Growth Projections
Sateliot reports a robust contract portfolio, representing roughly 270 million euros in annual recurring revenue from over 400 clients across 50 nations. This substantial pipeline, the company affirms, positions it favorably to achieve 1 billion euros in sales by the year 2030, marking significant anticipated growth.