Astrocast (FKA Else), a Switzerland-based startup developing a Low Earth Orbit (LEO) nanosatellite constellation, closed $3M in seed funding.
Backers included Airbus Ventures, as well as additional Swiss and internationally-based private investors.
The company which had previously raised $3m in public funding, intends to use the funds to expand operations through mid-2018, when the first two nanosatellites are expected to be launched into LEO.
Led by Fabien Jordan, Co-Founder, CEO & Chairman, Astrocast is currently developing a network of Low Earth Orbit (LEO) nanosatellites (named Astrocast) that will provide IoT and machine-to-machine services to global enterprises across numerous sectors including retail, agriculture, automotive, transportation & logistics, utilities, maritime, oil and gas, among others.
Astrocast is designed to provide unlimited coverage all over the planet, with no geographical limitations. The constellation will comprise a total of 64 nanosatellites with the company projecting all to be in orbit by 2021. The satellites will collect data, which will be delivered to ground stations, then distributed for access by customers through a secure Internet gateway.
Astrocast will now transition into funding its Series A round, which is expected to close in 2018.