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Boeing boosts Myriota IoT satellite venture

Myriota satellite
An artist’s conception shows one of Myriota’s satellites in orbit. (Myriota Illustration)

Boeing’s HorizonX venture capital arm is participating in a $19.3 million Series B funding round for Myriota, an Australian startup that’s building a satellite constellation for the Internet of Things. This marks Boeing’s second investment in the company.

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Boeing funds Australian IoT satellite venture

IoT satellite
Myriota makes use of a satellite-based communications system to monitor Internet of Things devices. (Myriota via YouTube)

Boeing’s HorizonX venture capital arm has made its first investment outside the U.S., as part of a $15 million Series A funding round for an Australian satellite-based IoT startup called Myriota.

Myriota makes use of low-power micro-transmitters to connect with a constellation of nanosatellites that’s operated in league with Canada-based exactEarth, and send snippets of data from remote sensors to a cloud-based processing platform.

The system could let farmers know how full their water tanks are, for example, or monitor personal “black-box recorders” worn by soldiers on the battlefield.

Myriota says its system fills a need that’s likely to become more urgent in the years ahead, due to the proliferation of connected devices known collectively as the Internet of Things, or IoT. By 2025, there could be as many as 75 billion connected devices, generating trillions of dollars annually, analysts say.

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