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The National Reconstruction Fund Corporation (NRFC) has announced its first investment in the space industry, contributing half of a $50 million Series B-2 funding round it led for satellite-enabled telecommunications provider Myriota.
Adelaide-based Myriota's Internet of Things (IoT) technology has made strides since a $28 million Series B in 2020, with a growing list of innovators from Australia and around the world that are using its infrastructure for numerous tracking challenges from transport to utilities, agriculture to water management and more.
The company's energy-efficient Myriota Module allow users to securely communicate with the group's constellation of low Earth orbit (LEO) nanosatellites, overcoming the connectivity challenges that come with operating in remote areas while also addressing security needs and cutting cost.
Myriota opened its UK office this year, joining teams across the US, Canada, Switzerland, Peru, Argentina and Brazil, with a Mexican office opening in the works for 2025.
Following the latest funding round, which also included follow-on investments from Main Sequence Ventures and Inter Valley Ventures, Myriota is expected to hire 100 additional staff in Adelaide and enhance the capability and scale of its IoT connectivity platform and infrastructure.
A key rationale for the NRFC's $25 million contribution is not only the contribution to Australia-based advanced hardware manufacturing capacity, but the way it is shaping the IoT industry more broadly with accessible, affordable and scalable technology. This, the company argues, democratises access to critical data insights that help both producers and governments reduce operating costs, maximise margins, and minimise environmental impact.
"By investing in companies such as Myriota, the National Reconstruction Fund Corporation is helping to commercialise Australian innovation that directly translates into high skilled jobs and creates significant benefits for regional Australians," says NRFC chair Martijn Wilder AM.
Myriota CEO Ben Cade says these investments will support the company's hyper-growth and continued role as a leader in democratised satellite connectivity
"It will ensure our advanced manufacturing stays here in Australia, helping to diversify the Australian economy while delivering up to 100 highly skilled jobs with the opportunity and expertise to drive global impact," he says.
"Agility and innovation have been at the core of Myriota since our inception, and we are leading the market in affordable (low total cost of ownership), low power (long field life), scalable (in cost and deployment) IoT solutions.
"While others promise, our partner ecosystem is already solving real world problems across varied applications and environments, globally."
The Myriota Habitat delivers global water management solutions, such as Queensland-based Rain Harvesting Connect, that are ensuring customers can track every drop of precious rainfall, and Corrosion Instruments, which is solving the challenge of pipeline deterioration, a leading cause of water loss in Australia.
Supporting Australian farmers and a viable agricultural future, tank monitoring solution partner Agbot is paving the way for attainable agri-tech solutions with big impact.
"Building on the Myriota platform has enabled us to get connectivity everywhere and meet the needs of the most remote stations, giving clear access and visibility on asset performance," says Agbot CEO Phil Livingston.
Myriota’s global partner Grundfos, the world’s largest supplier of industrial pumps and pump monitoring solutions, offers a Solar Connect solution that delivers insights on remote pump and tank infrastructure to ensure livestock are never without water.
In high-risk industries, Myriota’s technology is delivering critical solutions, such as US-based One-Tank’s SkyTracker, a self-contained explosion-proof tank monitor device that can be used to track consumption and detect gas leaks in propane tanks, and Australia’s RF Technologies, which is pioneering military-grade expandable sensor units for versatile applications that are designed and made in Australia.
These applications are just the tip of the iceberg, according to Myriota, which points to research from Gartner that predicts expenditure in the IoT market will nearly double to $991 billion by 2028.
"We strive to enable solutions that have immediate benefit from just a single, out of the box deployment on a small farm, all the way through to a large enterprise deploying tens of thousands of sensors across all their locations," adds Cade, who joined Myriota as chief commercial officer (COO) in 2021 and assumed the CEO role the following year when co-founder Alex Grant stepped down.
"This latest round will allow Myriota to further expand our services around the world, and we are excited to partner with the National Reconstruction Fund Corporation as we embark on the next phase in our growth."
UK Government-affiliated British Technology Investments is another key participant in the latest round, while investors that have previously backed Myriota include Hostplus, In-Q-Tel, Right Click Capital, the South Australian Venture Capital Fund, Singtel Innov8, Boeing HorizonX, and former Australian Prime Minister Malcolm Turnbull.
A spokesperson for Myriota confirms $95 million has been raised to date.
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