Australian Internet of Things (IoT) satellite technology startup Myriota has announced raising $15 million through a Series A funding round, with Boeing HorizonX Ventures a major contributor.
Also kicking in funding were Singtel Innov8 and Right Click Capital.
"The fact we have managed to engage such a stellar list of investors doesn't just underline the quality of our tech and IP; it also gives us access to highly strategic resources and capabilities as we move to the next level," Myriota CEO Dr Alex Grant said.
"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 solves this problem."
According to Myriota, it will be launching more satellites; opening offices in North America and Asia; adding 50 additional staff members to its South Australian headquarters; and launching a $2.72 million IoT innovation lab in Adelaide.
The investment in Myriota marks Boeing HorizonX Ventures' first in a company outside the United States.
"Part of the mission of Boeing HorizonX is to pursue and accelerate innovations coming out of startups around the world. By investing in Myriota, we are proud to support Australia's startup ecosystem and growing space industry," Boeing HorizonX VP Steve Nordlund said.
"The Myriota team channelled its telecommunications expertise to develop a solution that simultaneously connects hundreds of millions of low-cost, low-powered transmitters to satellites.
"This was a compelling investment for us because as a global company, Boeing recognises and supports the innovation occurring in Australia and beyond."
Myriota in November claimed to have solved the satellite connectivity challenges of access, scale, battery life, and cost to provide links for devices