Astrocast, a nanosatellite network is seeking $54 million in a private placement ahead of a direct listing on the stock market. The move comes after the company launched five new satellites on the SpaceX Falcon 9 rocket.
Known for developing tiny satellites that deliver internet access to all types of devices, Astrocast has become one of the most advanced nanosatellite IoT Networks available in the world at this point of time. It is also the first Swiss telecom satellite operator.
The company’s objective is different from Elon Musk’s Star Link Satellite service that aims at offering high-speed internet to the users. Astrocast is primarily focused on putting up a constellation of tiny satellites, connecting various devices, a potential key to making the Internet of Things (IoT) work well.
After the launch of two pilot satellites in 2018 and 2019, the company has boosted the power and performance of its nanosatellites over the time. Today, Astrocast’s nanosatellites have 100 times more communication speed and onboard storage.
Astrocast is backed by venture capital firm Adit Ventures, Airbus SE’s venture arm and the European Space Agency. In 2021, the company attracted funding from global investment firm Boundary Holding, led by Rajat Khare after making a significant progress in a brief period. At that time, Astrocast was on a look out for funding partners and Boundary Holding supported the company’s vision by realizing its potential.
Having launched back to back satellites and taken decent strides ever since, Astrocast is now planning a direct listing of 30-40 per cent of its shares in the third quarter. The company intends to list on Euronext NV’s exchanges for small and mid-sized companies. It also aims to get about 100 satellites into the orbit by 2024.
“Business is global, but connectivity is not and that’s a huge issue,” said Astrocast Chief Executive, while talking about the recent development.
“We can extend that coverage, and we are providing IoT firms a way to keep communication active even in remote areas, regardless of where the asset is, be it the North Pole or the middle of a desert or ocean.” he added.
Astrocast delivers the most comprehensive nanosatellite constellations in the market. It’s network features include low-latency communications from assets, global L-Band spectrum, two-way communication, and more. The company is keen to explore more possibilities and make a defining contribution in the coming time.