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An example of how a single malware operation can enable both criminal and state-sponsored hacking.
The investment, approved by the country’s Council of Ministers, is part of Sateliot’s ongoing Series B funding round, which aims to raise €70 million.
The funds will be used to expand Sateliot’s existing constellation of six LEO (Low Earth Orbit) satellites by over 100 additional satellites, which will support sectors such as defence, security, and logistics. The company provides its service through roaming agreements with MNOs and MVNOs, meaning it can deliver coverage to “hundreds of millions of users everywhere.”
With the new funding boost, Sateliot has raised €58.8 million of its €70 million target. The company has also received contributions from other investors, including Global Portfolio Investments which added €10 million.
The company has also secured €30 million in debt funding from the European Investment Bank (EIB), the bank’s first venture debt deal in the space sector. This financial support comes as the EU and NATO increase their focus on enhancing defence and space capabilities.
“The confidence shown by SETT and other institutional investors confirms that Sateliot is Europe’s answer to the growing need for secure, accessible, and autonomous satellite connectivity—essential for critical applications in civil, security, and defence sectors,” said Jaume Sanpera, CEO and co-founder of Sateliot in a press release.
Sateliot’s most recent launch saw four satellites sent into orbit in August last year.
The company is planning to begin commercial services this year, with the company currently holding €270 million in contracts with over 400 clients across 50 countries.
Sateliot says it aims to reach €1 billion in revenue by 2030.
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Also in the news:
Ofcom wants UK to be ‘first in Europe’ to use direct-to-device satellite services
AT&T mulls acquisition of Lumen’s consumer fibre unit
Viasat joins ESA’s Moonlight project for lunar connectivity
Author: Ernestro Casas -
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