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.
- The new round is led by Hostplus and Main Sequence Ventures, with Boeing joining other investors that include In-Q-Tel, Right Click Capital, Singtel Innov8, South Australian Venture Capital Fund and former Australian Prime Minister Malcolm Turnbull. Myriota’s total funding has reached more than $37 million, including the $15 million Series A round that included Boeing in 2018.
- Myriota aims to connect billions of devices around the world using low-power communication modules and a constellation of low-cost satellites. Myriota says the Series B investment should help the company boost its constellation to 25 satellites by 2022, and boost its workforce as well.
- HorizonX is Boeing’s channel for investing in startups working on technologies with potential aerospace applications, ranging from 3-D printing and autonomous systems to satellite communications and hypersonic flight. Boeing doesn’t typically say exactly how much it’s investing, but the figures tend to be in the multimillion-dollar range.