Switzerland-based ELSE has completed a new seed round to raise funding for its Astrocast nanosatellite constellation, which will be designed to provide internet of things (IoT) and machine-to-machine services to global enterprises.
A total of $3m was financed by a group of investors, including Airbus Ventures and various global private investors.
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Following $3m previously raised from the public, the latest round is expected to support ELSE’s complete business operations through its proposed demonstration mission.
The mission is expected to be launched by next year and will see the lifting off of ELSE’s first two nanosatellites into low-Earth orbit (LEO).
ELSE co-founder, CEO and chairman Fabien Jordan said: “This seed round validates our ambitious plan to connect the planet and enhance machine-to-machine communications through our innovative satellite constellation and network technology.
“We are looking to disrupt and serve numerous industries and this successful capital raise is an important milestone for us in that plan.”
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By GlobalDataThe Astrocast constellation will feature a total of 64 nanosatellites, all of which are due to be launched by 2021.
Following their launch, the satellites will collect data, which will be delivered to ground stations before being distributed for customer access through an internet gateway.
Astrocast is also expected to enhance efficiencies and operational cost advantages across a variety of sectors such as retail, agriculture, automotive, transportation, utilities, maritime, and oil and gas.
The European Space Agency (ESA) has also supported the Astrocast mission, for which ELSE is planning to begin funding its Series A round. This investment stage is expected to close next year.
