The company has raised 13.5 million euros in less than a year.
The Spanish company Sateliot, which will launch the first constellation of low-orbit nanosatellites to provide 5G standard coverage for the ‘internet of things’ (IoT), has received €6 million in financing from Banco Santander, the company said in a statement.
This funding will allow Sateliot to accelerate the development of its own technology and the deployment of its satellite constellation, in the framework of which this year will launch four new satellites with which it will open its commercial phase.
In this regard, Sateliot has raised a total of 13.5 million euros in less than a year through this financing from Banco Santander and two other capital injections.
One of the injections consists of a participatory loan of €2.5 million granted just two weeks ago by the public company Avançsa (dependent on the Generalitat de Catalunya) and the other, of €5 million, originates from the convertible note launched by the company.
“This amount allows Sateliot to face 2024 with sufficient financial strength to develop its business strategy and sends a powerful message of confidence to the market and the aerospace sector by a Spanish company that counts in its shareholding with Indra and Cellnex as industrial partners with a stake of 10.5% and 3.5%, respectively. Also Sepides, with nearly 5% of the capital,” he explained.
The next step in Sateliot’s strategy will be the opening of the ‘series B’, which will be used to finance the next phase of the constellation of 250 nanosatellites that the company will deploy under the 5G standard.
“Sateliot has already closed agreements with global telecom operators and companies in the sector and has a firm order book of more than 150 million euros,” he explained.
In this regard, the CEO and co-founder of Sateliot, Jaume Sanpera, said that the closing of these three operations “demonstrates the trust placed” in the company by “top-level” banks, regional public administrations and other types of investors.