TLDR:
- Satellite connectivity service provider Skylo has raised $37 million in a recent funding round led by Intel Capital and Innovation Endeavors.
- The company plans to use the funding to expand its operations and accelerate the deployment of its technology.
Skylo, a satellite connectivity service provider, has secured $37 million in a funding round led by Intel Capital and Innovation Endeavors. The company plans to use the funds to expand its operations and accelerate the deployment of its technology.
Skylo provides a low-cost satellite-based connectivity platform that enables machines, sensors, and devices to connect to the internet in remote areas where traditional communication networks are unreliable or non-existent. The company’s technology allows for real-time data transmission and monitoring, making it particularly useful for industries such as agriculture, transportation, and maritime.
The funding round was also participated in by existing investors such as SoftBank Group and Tata Sons, as well as new investors like BHP, Schwan Food Company, and Sri Hari Consultants. Skylo plans to use the new capital to strengthen its team and expand its global coverage, with a particular focus on emerging markets.
Commenting on the funding, Parthsarathi Trivedi, CEO and Co-founder of Skylo, said, “Skylo envisions a world where connectivity for machines, sensors, and devices is as ubiquitous as the sky. This is a significant milestone for us as we move from the planning and R&D phase to deploying our solution on a global scale.”
Intel Capital, one of the lead investors in the funding round, expressed its confidence in Skylo and its potential impact. Cody Thompson, Senior Managing Director at Intel Capital, said, “Skylo’s satellite communication technology provides the onramp for businesses to drive efficiencies, enable new models and deliver value to the massive, emerging markets of remote and rural connectivity. The company’s solution underscores our belief in universal and ubiquitous access to connectivity for every person and business on Earth.”
With its latest funding round, Skylo has raised a total of $116 million. The company plans to use the funds to continue expanding its global coverage and bringing satellite connectivity to remote areas around the world.
