Astrocast, which is a network of nanosatellite satellites, seeks $54 million in a private placement. This will be ahead of a direct stock market listing. After five new satellites were launched by the SpaceX Falcon 9 rocket, the company decided to make this move.
Astrocast, a company known for its tiny satellites which provide internet access to all devices, has grown to be one of the best nanosatellite IoT Networks in the world. It also serves as the first Swiss telecom satellite operator.
Astrocast’s mission is different to Elon Musk’s Star Link Satellite service, which aims at providing high-speed Internet access to its users. Astrocast is principally focused on the creation of a constellation of small satellites that connect various devices. This could be key to making Internet of Things work.
Two pilot satellites were launched in 2018 and 2019. The company has since increased the power and performance its nanosatellites. Astrocast’s Nanosatellites now have 100x more communication speed and onboard storage.
Adit Ventures is backing Astrocast, along with Airbus SE’s venture arm, and European Space Agency. After making significant progress in a short time, the company was able to attract funding from global investors Boundary Holding. Astrocast was at the time looking for funding partners. Deep tech Investment Firm Boundary Holding led by Rajat Khare helped Astrocast realize its potential.
Astrocast has successfully launched two satellites simultaneously and has made steady progress ever since. Now, the company plans to direct list between 30-40% per cent of its shares during the third quarter. The company will list on Euronext NV’s small and mid-sized business exchanges. It also hopes to place about 100 satellites within the orbit by 2024.
Astrocast Chief Executive said, “Businesses are global, but connectivity is not, and that’s huge,” as he spoke about the recent developments.
He added, “We have the ability to extend that coverage and we are providing IoT businesses a means to keep communication active even at remote areas, regardless where the asset may be.”
Astrocast provides the most complete nanosatellite constellations available in the market. It includes low-latency communication from assets, global spectrum in L-Band, two-way communication, as well as other network features. The company is open to exploring new opportunities and making a difference in the future.