Astrocast has raised 8.6 million EUR in series A funding to develop its satellite project. The commercial satellites will provide global connectivity for the internet of things.
Series A Satellites
Astrocast has landed 8.6 M EUR in funding from new and existing funders. Simultaneously, the company has received 460,000 EUR from the Foundation for Technological Innovation. The round will allow the company to expand on their original vision of 64 satellites to 80 satellites. The company predicts it will be able to launch the satellites after a Series B round. It is already planning this next round.
Friends in High Places
The company has partnered with European Space Agency, Airbus, and Theraya. It is the only IoT connectivity company with whom the aerospace leaders have partnered.
Astrocast is developing a constellation of satellites that will provide connectivity for the internet of things. It launched one prototype in December of 2018 on a SpaceX Falcon 9 rocket. The new space startup has designed a low-cost, high-efficiency chip to power the satellite modem for IoT devices.