Get FinancingBoeing HorizonX Invests In “Direct-To-Orbit” IoT-based Communications Platform
Myriota, an Australian startup that developed a “direct-to-orbit” platform using IoT (Internet of Things) technology, recently secured $15 million in Series A funding from several investors, including Boeing HorizonX Ventures. HorizonX’s investment is its first in a non-U.S. company and the 10th overall since launching last year. Myriota’s technology enables two-way communications between ground-based micro-transmitters and LEO (low Earth orbit) nanosatellites for sharing data securely over narrow bandwidths. Notably, the platform provides “lost-cost access” to “high-value data” from remote locations, enabling applications across the logistics, defense, utilities, agriculture, environmental, and maritime industries where traditional IoT connectivity approaches have proven cost-prohibitive and difficult to implement.
Massive-Scale, Low-Cost
Australian firms Blue Sky Venture Capital and Main Sequence Ventures led the Myriota funding. Founded in 2015, Myriota grew out of a University of South Australia Global Sensor Network research program started in 2011 and led by Myriota’s founders. The program “culminated in successful demonstration of cost-effective communications with very high numbers of devices during aircraft and satellite trials,” Myriota states.
Boeing says Myriota’s technology enables “massive-scale, low-cost communications for IoT devices anywhere on Earth.” Alex Grant, Myriota CEO, says Myriota was formed to solve a program in which hundreds of millions of devices that need to communicate lack the cost-effective, battery-friendly networks to do so. The $15 million investment, along with strong domestic venture capital leadership and strategic participation from global investors, will benefit Myriota’s vision “to deliver IoT connectivity for everyone, everywhere," Grant says.
An Australian Focus
Broadly, HorizonX seeks out and accelerates innovations from startups located globally. HorizonX Vice President Steve Nordlund says the investment in Myriota speaks to Australia’s growing space industry. "Myriota's technology influences how we think about space-based communications and connectivity in remote locations," he says. Conceivably, Myriota’s technology could provide a farmer with the low-cost means to, say, remotely monitor soil conditions for more efficient irrigation operations.
Previously, Boeing has entered space-related research and development projects with the CSIRO (Commonwealth Scientific and Industrial Research Organization), which Main Sequence Ventures manages. Boeing also recently launched its biggest autonomous systems development program outside of the United States in Queensland, Australia. Last year, Boeing announced a nearly $385,000 investment in the Adelaide-based Techstars global accelerator program.
Boeing describes HorizonX Ventures’ investment portfolio as including companies specializing in technologies for aerospace and manufacturing innovations that entail autonomous systems, energy storage, advanced materials, augmented reality systems and software, machine learning, and hybrid-electric propulsion. Additionally, it seeks out opportunities for Boeing aerospace technology “using disruptive innovations and business strategies.”
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Source: Boeing
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