TAMPA, Fla. — Spain is investing nearly 14 million euros ($15 million) in Sateliot to help the Spanish startup scale its constellation to at least 100 nanosatellites, the low Earth orbit operator announced March 25.
Sateliot, which plans to start commercial services this year after deploying six satellites, said the investment is part of a Series B funding round that has reached almost 60 million euros of a 70 million euro target.
The startup’s initial focus is on using its 5G-compatible satellites to relay small amounts of data from mass-market tracking and monitoring devices to terrestrial networks when ground stations are in range.
However, Sateliot aims to operate 250 satellites in total as part of plans to deliver near real-time messaging services directly to unmodified smartphones worldwide.
It is one of several companies targeting this emerging market alongside OQ Technology of Luxembourg and more advanced direct-to-device U.S. players including SpaceX, AST SpaceMobile and Lynk Global.
The new funding comes from the Spanish Society for Technological Transformation (SETT), a recently established state-backed fund focused on strategic technology initiatives.
It follows a 30 million euro loan from the European Union’s investment arm aimed at bolstering the region’s space autonomy and connectivity capabilities.
Spain-based asset manager Global Portfolio Investments has also recently injected around 15 million euros into Sateliot in return for a mix of equity and a financial instrument that can also be converted later into shares.
“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 defense sectors,” Sateliot cofounder and CEO Jaume Sanpera said.
According to the company, it currently holds contracts representing about 270 million euros in annual recurring revenue across more than 400 customers in 50 countries — a pipeline it says puts it on track to hit 1 billion euros in sales by 2030.
