Direct-to-device satellite connectivity provider Skylo Technologies has recently announced a significant milestone, raising $37 million in its latest funding round. This round saw contributions from a mix of existing investors, including Intel Capital and Innovation Endeavours, as well as notable new backers such as BMW i Ventures, Samsung CatalystA stock catalyst is an engine that will drive your stock either up or down. A catalyst could be news of a new contract, SEC filings, earnings and revenue beats, merger and acquisit... More, Next47, and Seraphim Space.
Expansion Plans and Market Focus
The infusion of capital comes at a crucial time for Skylo as it aims to expand its operations to better cater to a wide array of devices including smartphones, wearables, and IoT devices, in addition to strengthening its support for mobile network operator customers. This strategic move underscores Skylo’s commitment to providing robust and seamless connectivity solutions across various industries.
A History of Growth
This latest funding round marks the third successful capital raise for Skylo, following Series A financing in 2017 and Series B in 2020. With the addition of $37 million, the company’s total funding now stands at an impressive $153 million. Previous investors in Skylo include heavyweight names like SoftBank, dcm, Boeing, and Moore Strategic Ventures.
Leadership Perspective
Expressing enthusiasm about the company’s future trajectory, Parth Trivedi, CEO, and co-founder of Skylo, remarked, “We’re immensely proud to lead this new chapter in direct-to-device satellite connectivity, supported by an incredible consortium of investors. Their commitment helps make Skylo’s standards-based service the default choice for the NTN ecosystem.”
Investor Confidence
Intel Capital, one of the lead investors in this round, highlighted the transformative potential of Skylo’s scalable approach for 5G satellite-to-device communications. David Johnson from Intel Capital, who has joined Skylo’s board of directors, emphasized, “Since our first meeting with Parth and the team, we’ve been impressed with the extensive industry ecosystem support they’ve received in delivering a complete end-to-end connectivity service for high volume device categories at low cost.”
Market Penetration and Collaborations
Skylo has already made significant strides in the market, having launched its initial service across the United States, Canada, and Europe. This expansion has been facilitated by partnerships with chipmakers Qualcomm, Samsung, MediaTek, and Sony, as well as device OEMs and mobile carriers such as Deutsche Telekom.
Moreover, Skylo has strategically aligned itself with satellite operators, enabling the service to operate on fully licensed spectrum and existing satellite assets. This unique approach allows terrestrial mobile carriers to leverage Skylo’s services without compromising their spectrum resources.
Venturing into IoT and Industry Standards
In response to the growing demand for IoT connectivity solutions, Skylo ventured into offering commercial satellite-based NarrowBand IoT services in 2021 through collaborations with industry giants like Inmarsat and SoftBank. Additionally, the company secured a pivotal deal with Viasat in early 2023, expanding its technology offerings to encompass 3GPP Release-17 NTN industry-standard waveforms and spectrum, thereby enhancing Ligato’s SkyTerra network.
As Skylo Technologies continues to innovate and expand its reach in the rapidly evolving connectivity landscape, the latest funding round serves as a testament to the confidence investors have in the company’s vision and capabilities. With a strong focus on delivering scalable and cost-effective connectivity solutions, Skylo is poised to play a pivotal role in shaping the future of satellite-to-device communications across diverse sectors worldwide.
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