Barcelona-based satellite IoT provider Sateliot has secured €10 million from venture capital group Global Portfolio Investments as part of its ongoing €30 million Series B funding round. This round also attracted interest from IT and defense firm Indra Sistemas, telecoms tower company Cellnex, and Sociedad de Participaciones Industriales (SEPI) Desarrollo Empresarial (SEPIDES), a Spanish business group affiliated with SEPI. The funding will be used to expand Sateliot’s NB-IoT constellation, aiming to deploy 100 satellites by 2028. All investors in this round are Spanish entities.
SEPI, a state holding company managed by the Spanish Ministry of Finance, is considered a sovereign wealth fund. These organizations form a core group of national shareholders in Sateliot, which is working on an NB-IoT satellite constellation based on Release-17 specifications within the 5G NR standard. Sateliot also seeks to attract international investors to bolster its global reach.
Global Portfolio Investments has taken the lead in this Series B funding round, contributing significantly to the company’s recent capital increase. As a major shareholder with over 10%, Global Portfolio Investments’ involvement sends a strong message to other potential investors in the venture capital and space sectors, encouraging them to participate in this round.
Sateliot has raised €25 million since its inception in 2019. “More than half of this total was raised in 2023,” with Banco Santander as a notable investor, contributing €6 million. The company aims to offer real-time global coverage by 2028 through its NB-IoT-equipped satellites. Their primary target sectors include agriculture, industry, and logistics. In August, Sateliot launched four low-Earth orbit nanosatellites on a SpaceX mission, preparing for commercial operations set to begin in the first quarter of 2025.
The company has already engaged over 400 clients in more than 50 countries, connecting eight million devices valued at over €250 million. Sateliot aims for an invoicing target of €500 million in 2027 and €1 billion by 2030. A partnership with AWS, established in late 2022, has enabled Sateliot to utilize a virtualized cloud-native 5G core for its NB-IoT satellite service.
Sateliot plans to wholesale satellite NB-IoT as a roaming extension for terrestrial operators. Telefonica is already testing the service. Additionally, a collaboration with Swedish power grid firm Sentrisense aims to use the satellite IoT service for electric grid sensors. Another significant deal involves deploying thousands of 5G-IoT sensors in shipping containers with freight software and analytics company t42, benefitting over 50 logistics partners worldwide.
Jaume Sanpera, co-founder and CEO of Sateliot, described the investment as a significant boost for the company. “This investment represents a huge boost for the company and sends a message of confidence to other investors interested in our company so that they can join our project. It also represents a decisive step in continuing to advance in our strategy of having the constellation deployed and meeting our financial objectives,” he said.
