As it looks to further develop and then deploy a satellite constellation focusing on business applications, 5G satellite connectivity operator Sateliot has announced the launch of a Series C financing round valued at €100m.
The capital for the Barcelona-based company will be mainly allocated to the deployment of 16 satellites that will complete internet of things (IoT) use cases and serve as a demonstrator for the 5G New Radio technology incorporating voice, video and data.
Founded in 2018, Sateliot deployed in early 2024 what it said was the first low-Earth orbit (LEO) satellite constellation, with 5G standards for narrowband IoT (NB-IoT) satellite IoT with 100% global coverage, launching four satellites from SpaceX’s Transporter-11 mission. It has the ambition of complete deployment of its constellation in 2027/2028, providing real-time coverage worldwide. Sateliot has already launched six satellites and plans to launch five more in 2026.
Basing its offer on the 3GPP Release 17 standard, which standardises using satellites with cellular modems and antennas, Sateliot can support cellular-enabled IoT devices for thousands of clients in 50 countries around the world to connect directly to its satellite network when terrestrial cellular coverage is unavailable, achieving radio access technology (RAT) connectivity to non-terrestrial networks from a single SIM service.
This, it said, ensures customer devices can enjoy uninterrupted and reliable IoT connectivity across both terrestrial and satellite infrastructures, providing ultra-high-quality connectivity in the remotest environments.
The operator’s business plan projects revenues of €500m in 2027 and €1bn in 2030. It approached this capital increase with precontracts valued at €270m, with over 400 clients in 60 countries, in addition to agreements with operators such as Telefónica and Deutsche Telekom.
Since its founding, Sateliot has raised nearly €100m, supported by a block of leading industrial, institutional and financial investors such as Indra, Cellnex, the Spanish Society for Technological Transformation, Sepides, Hyperion, Global Portfolio Investments and Banco Santander, as well as backing from the European Investment Bank, which financed the initial deployment of its technology and the company’s growth.
The new round is primarily structured as equity with the possibility of incorporating an additional debt component, and the company expects to close it in the summer. Sateliot is working to bring in a lead investor, and keeps the round open to both new and existing shareholders. In addition, it anticipates up to 50% public co-financing via match funding.
Sateliot CEO Jaume Sanpera said: “This Series C reflects the company’s scale and timing. It is the largest round we have opened to date. With it, we will accelerate the deployment of our constellation and commercial execution on a global scale. We trust in the support of industrial, financial and institutional investors to consolidate a European 5G satellite connectivity infrastructure.”
On behalf of his administration, Óscar López, Spain’s minister for digital transformation and public administration of Spain, outlined his government’s support for Sateliot’s growth plans.
“Sateliot … has doubled its workforce, closed €270m in precontracts with companies in several countries worldwide, signed agreements with operators such as Telefónica, Deutsche Telekom and Vivo in Brazil, and received the Future Unicorn award from the Digital Europe association. Sateliot is an example of Spanish and European digital sovereignty. The government of Spain is proud to finance a Catalan project that integrates the entire cycle of design, assembly and control of satellites made in Spain.”
