IoT solution provider Skylo Technologies raised $ 103 million in its recently held Series B financing round led by SoftBank Group.
Before that, the California-based company raised $ 13 million in Series A financing. Now that Skylo has raised $ 116 million in funding to date, the company will strive to provide immediate, affordable, and global IoT connectivity for millions of machines, sensors, and devices, even in the most remote areas.
Skylo also claims to be & # 39; the world's first IoT company using the NB-IoT protocol via satellite, allowing it to directly connect billions of sensors on objects and machines in remote areas. The new satellite connectivity uses existing geostationary satellites to provide reliable connectivity without the need to add new infrastructure to the space. It has clients on both the company and the government, ranging from automotive, railways, agriculture and maritime.
Skylo co-founder and CEO Parthsarathi Trivedi said: “Skylo sees a world in which connectivity for machines, sensors and devices is as pervasive as the sky. This inexpensive, global connectivity for machine data will transform entire industries. "
Earlier this month, software companies Teraki and Machfu each raised $ 11 million and $ 16.3 million respectively. Teraki would use the funds to improve the current explosion in demand for data in electronic components used in automotive systems, while Machfu would use its funds to increase its success in smart grid and oil and gas and to expand its footprint .
Last November, UK-based IOTech Systems raised $ 7.5 million in Series A financing led by Dell Technologies Capital. The company aims to address the comprehensive range of secure, hard and soft real-time edge computing needs across multiple vertical IIoT market domains through an open source business execution model that promotes acceptance of IoT globally.
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