Astrocast, a Lausanne, Switzerland-based IoT Nanosatellite Network, closed a CHF 9M ($9.2/€8.3M) Series A round of funding.
Backers included new and existing investors.
The company, which has raised CHF 16.6M to date, will use the capital to accelerate production of IoT modules, to begin commercial phase and deployment of the its Low Earth Orbit (LEO) IoT Network.
Founded in 2014 by the developers of SwissCube, one of the longest lasting, operational nanosatellites in space and led by Fabien Jordan, CEO, and José Achache, Chairman of the Board, Astrocast partners with aerospace industry leaders such as Thuraya, the European Space Agency (ESA) and Airbus to develop an advanced nanosatellite network for the Internet of things (IoT).
Airbus and Astrocast have developed a low-cost ASIC and module that provides efficient satellite modem for IoT applications. The constellation will consist of 64 CubeSat satellites in Low Earth Orbit (LEO) and will provide low latency global coverage.
In addition, the company’s first three pilot customers, Actia, Marine Instruments, and Swiss Fresh Water, have begun on-the-ground testing.
Astrocast also announced the award of a CHF 500,000 loan from the Foundation for Technological Innovation.