The funds are to be used to launch the first batch of 16 of the company’s Pearls constellation nanosats The launch with Virgin Orbit is due to take place by mid-2019 and is the initial stage of the company’s plan to operate a network of 200 nano-satellites to provide M2M and IoT communications to the equatorial belt s well as voice services. The company has ambitious plans for revenue by the end of 2019.
The 10kg nanosats have 4-way inter-satellite links, onboard orbit control and autonomous optimal network management to provide services that can also be used for search and rescue, disaster management, emergency response, security alarms and recreational tracking. This is in addition to a whole range of traditional services including cellphone applications, offshore communications, smart farming, interactive TV, aircraft, vessel and animal tracking, water and electric metering and grid monitoring..
“We have undertaken this round of financing at a crucial time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space,” said Meir Moalem, Sky and Space Global managing director and CEO. He added that “the support we have received is indicative of the confidence the market has in our ability to deliver on milestones and achieve the objectives we have set out for the company."
The offering has received the backing of existing SAS investors as well as several new institutional and professional investors, and the company is looking to raise an additional $3m.