Main Sequence Ventures returned to co-lead Myriota's series B round, bringing the University of South Australia spinout's total funding to more than $37m.

Myriota, an Australia-based satellite internet-of-things (IoT) connectivity spinout of University of South Australia, yesterday obtained $19.3m of series B capital from investors co-led by Main Sequence Ventures, the venture firm aligned to Csiro. Pension fund Hostplus co-led the round with participation from Boeing HorizonX Ventures and Singtel Innov8, the corporate venturing divisions of aerospace technology supplier Boeing and telecoms firm Singtel. In-Q-Tel, the strategic affiliate of the US intelligence community, state government-owned South Australian Venture Capital Fund, VC firm Right Click Capital and former Australian prime minister Malcolm Turnbull filled out the round. Founded in 2015, Myriota runs a fleet of small satellites that exchange data with industrial IoT devices in segments such as agriculture, mining, transport and logistics. The satellites target remote locations poorly served by wired infrastructure and link to energy-efficient ground terminals in order to facilitate low-power IoT configurations. The series B proceeds will help expand Myriota’s network to 25 satellites by 2022 in response to an anticipated proliferation of industrial IoT devices. Myriota recently acquired four live satellites from data services provider ExactEarth, which invested $1.5m in the spinout in 2015. It also plans to expand its team by 50% over the next two years. Main Sequence and venture firm Blue Sky Venture Capital, managers of South Australian Venture Capital Fund, co-led a $15m series A round in 2018 with participation from Boeing HorizonX, Singtel Innov8 and Right Click Capital. Martin Duursma, partner at Main Sequence Ventures, said: “Since our initial investment, we have witnessed an impressive acceleration in Myriota’s customers’ delivering solutions, from agriculture to defense. “This next wave of funding secures the bigger opportunity to scale the company globally and execute on the core product vision of universal, low-cost IoT connectivity. “With global economies and conditions currently in flux, what Myriota will do in its next phase is even more critical. This includes doubling down on accessibility and deepening its networks across the areas of the world that need it the most”

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