Lot Fourteen-based global leader in nanosatellite Internet of Things (IoT) connectivity, Myriota, has announced its expansion into Canada with a team specialising in satellite operations, engineering and spectrum management.
The company has also announced a Series B funding round for $28M AUD. This will enable the company to continue to establish its global market leadership by bolstering its constellation of satellites to 25 by 2022, growing its headcount by 50% in the next two years, and expanding to meet demand in key international markets.
Myriota Canada, a wholly-owned subsidiary of Myriota Pty Ltd, has entered into an agreement with exactEarth Ltd (TSX: XCT) to acquire satellite communications assets.
The transaction, which is subject to Canadian regulatory approval, will see Myriota Canada acquire four satellites, a global network of ground station assets, and their associated spectrum licenses and an Ontario office, all adding significantly to Myriota’s North American capability.
Defence and space is one of the four deep tech focus sectors at Lot Fourteen, which is also the home of the Australian Space Agency, the new SmartSat Cooperative Research Centre, space industry companies Inovor Technologies, Neumann Space and SITAEL Australia, plus the CSIRO’s space science and technology research, with the Space Discovery Centre and the Mission Control Centre to come.
Myriota has deep heritage in telecommunications research and achieved world-first transmission of IoT data direct to nanosatellite in 2013. Myriota has made this ground-breaking technology commercially available for partners worldwide.
The expansion in Canada will increase Myriota’s capability to deliver low-cost, low-power, secure direct-to-orbit satellite connectivity for IoT and enhance its presence amongst the growing defence and space industry, one of four deep tech focus sectors at Lot Fourteen.
exactEarth, headquartered in Canada is a leading provider of tracking and situational awareness data for maritime vessels across the world's oceans, unrestricted by terrestrial limitations. exactEarth’s second-generation constellation, exactView RT, enables global real-time vessel tracking and securely relays satellite-detected AIS (Automatic Identification System) vessel signals from any location on the earth’s surface to the ground in seconds.
The creation of Myriota’s first North American office, will see four exactEarth experts in satellite operations, satellite engineering and spectrum management forming Myriota’s on-the-ground team in Ontario.
Myriota, co-founder and Chief Executive Alex Grant, said that, despite challenging global business conditions, Myriota was in a fortunate position to accelerate its international expansion and allow multiple industries to access low-cost satellite connectivity.
“This acquisition is a huge opportunity for our business to grow its North American footprint,” Mr Grant said.
“It will add industry-leading capabilities in key areas such as satellite operations, engineering and spectrum management from an experienced team, and will fast-track our development with established ground facilities and ground stations.
“Canada’s geography, scale and economic footprint share many similarities to Australia; making it a perfect location for our team to grow and rollout our low-cost, secure direct-to-orbit satellite connectivity.
“The increased capability generated because of this acquisition will also allow us to provide 24-7 operations from our offices in Australia and Canada.”
The closing of the transaction is subject to receipt of all required regulatory approvals, including the approval of Innovation, Science and Economic Development (ISED) Canada for transfer of exactEarth radio spectrum licences.
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