Menu

IoT FEATURE NEWS

Sky & Space Global Raises $12 million to Connect People in Equatorial Belt

By

UK company Sky and Space Global reportedly has received signed binding commitments for raising $12 million in a two-tranche share placement to investors as part of its $15 million fundraising effort, the company announced today. The placement is priced at $0.03 per share and is conditioned on the lodgement of the prospectus. The funds are to be used to facilitate the launching of the first batch of the company’s Pearls constellation nano-satellites network. The launch with Virgin Orbit is due to take place by mid-2019 and is the initial stage of the company’s plan to operate a network of 200 nano-satellites to provide around the clock affordable voice, data, instant messaging, M2M and IoT communications to the equatorial belt. 

The company’s services will also bring to the equatorial region a huge range of life saving services like search and rescue, disaster management, emergency response, security alarms and recreational tracking. This is in addition to a whole range of traditional services including cellphone applications, offshore communications, smart farming, interactive TV, airplane, vessel and animal tracking, water and electric metering, grid monitoring, and ATM.

The company said it also plans to conduct a fully underwritten priority offer (PO) to raise a further $3 million, with an option to accept a further $1 million on the same terms in the event the offer is oversubscribed and in accordance with shareholder approved.

“We have undertaken this round of financing at a crucial time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space,” said Meir Moalem, managing director and CEO, Sky and Space Global. “The support we have received is indicative of the confidence the market has in our ability to deliver on milestones and achieve the objectives we have set out for the company.”

The offering has received the backing of existing investors in addition to several new institutional and professional investors. In addition, chairman Michael Malone, managing director and CEO Meir Moalem and other directors will be investing $710,000 in the placement, subject to shareholder approval. The move underscores management's support and confidence in the company. Existing eligible shareholders will also be given the opportunity to participate in the offering for up to $15,000 on the same terms.


The IoT Evolution Expo, and collocated events, IoT Evolution Health, LPWAN Expo, The Smart City Event, and IIoT Conference, will take place Jan. 29 to Feb 1 in Ft. Lauderdale, Florida. Visit IoTEvolutionExpo.com to register now.

Edited by Ken Briodagh

Editorial Director

SHARE THIS ARTICLE
Related Articles

Kerlink Powering IoT Radon-Monitoring System on Mount Etna

By: Ken Briodagh    2/27/2020

In a great case study of the broad applications of LoRaWAN IoT connectivity, Kerlink's Wirnet gateway is powering a radon-sensing project on Europe's …

Read More

GlobalSign and Infineon Join Forces to Strengthen IoT Trustworthiness

By: Ken Briodagh    2/26/2020

Cross-signed endorsement certificates for Trusted Platform Modules (TPM) enable system integrators and solution operators to securely enroll devices w…

Read More

Lighting Up The Utility Industry at the Intersection of IoT & CX

By: Arti Loftus    2/26/2020

Utilities have an extraordinary opportunity to develop and utilize customer information, and with the evolution of cloud and big data analytics, are p…

Read More

It's Time to Take Action to Improve Air Quality in Schools

By: Special Guest    2/24/2020

The presence of particular pollutants-including carbon monoxide, particulate matter (dust), VOCs, humidity, radon, and more-can be detected using Inte…

Read More

RAN Research arm of Rethink Outlines 5G Market in New Report

By: Ken Briodagh    2/21/2020

A new report from the RAN Research arm of analyst firm Rethink Technology Research has taken a deep look at the landscape of 5G networking.

Read More