Skylo gets $103 million in financing: Making IoT connected to satellite networks more affordable

One of the biggest opportunities in the new space economy is to take advantage of the connectivity brought about by the growing constellation of communications satellites,media reported. Start-up Skylo announced a $103 million round of B financing to make it sustainable.

Skylo gets $103 million in financing: Making IoT connected to satellite networks more affordable

It is understood the financing brings Skylo’s total funding to $116m, after the company had already raised $14m in round A. The new round of financing is led by SoftBank Group, while existing investors DCM and Eric Schmidt’s Innovation Endeavors are among the existing. Skylo’s business is based on the Narrowband IoT protocol, which uses the narrowband IoT protocol based on cellular networks, which connects IoT (Internet of Things) to satellite networks, including sensors, industrial equipment, logistics hardware, and more. Its network is also deployed on the current geosynchronous satellite, which means its customers can start and operate without waiting for any new satellites or skilled constellationlaunches.

Skylo has now completed technical testing with business partners, including private companies and governments, in areas such as fisheries, offshore logistics, and automotive. And he has the advantage of being cheaper than other existing solutions.

On the hardware side, Skylo Hub is a satellite terminal that can connect to its network on geosynchronous satellites and act as a “hot spot” for standard IoT sensors and devices to use. The Hub measures approximately 8 inches by 8 inches, can be powered or plugged in from inside the battery, and can be installed on its own without any expertise.