Spanish satellite operator startup Sateliot announced yesterday that it has clinched €6M ($6.6M) in funding from Banco Santander, the largest bank in Spain.
Raking it in: This funding round is the third in a year for the company, which is building a constellation of 5G-enabled nanosatellites for IoT connectivity. Sateliot has also secured a €2.5M ($2.7M) participatory loan from Avança and earned €5M ($5.5M) in a convertible note offering.
“We have created a strategic partnership that reinforces our leadership in the first ever 5G-IoT constellation,” Sateliot CEO Jaume Sanpera said in a release.
Outside of its fundraising efforts, Sateliot has reported a hefty backlog of orders from customers interested in its 5G IoT services. The company has booked €150M+ ($164.5M+) in binding orders, according to the release.
Connecting the IoT: Sateliot has already launched the first few satellites in a planned 250-bird constellation to provide the first 5G IoT connectivity from space. The first 5G-enabled nanosatellite to be used for commercial service launched on Transporter-7 last year, and four more are expected to launch this year to begin serving customers.
What’s next? Sateliot is still on the prowl for additional funding to get its IoT product up to speed. The company is actively working on raising a Series B to finance its constellation.