Astrocast oversubscribes seed round in support of company’s IOT nanosatellite constellation
(12 December 2017 - Astrocast) Astrocast (formerly known as ELSE SA) today announced the oversubscription by $1.1 million Swiss Francs of its seed round funding, bringing the total seed round to $4.1 million.
The additional capital was provided by investiere.ch, one of Switzerland’s leading start-up investors, and comes in addition to the current seed investors which includes Airbus Ventures, a Geneva-based independent asset manager and multi family office, as well as numerous additional Swiss- and internationally-based private investors.
Astrocast is currently developing a 64-unit network of Low Earth Orbit (LEO) nanosatellites that will provide cost-effective IoT and machine-to- machine services to global enterprises. The seed round will support the company’s business operations through Astrocast’s planned demonstration mission that will launch the first two nanosatellites into LEO in mid-2018.
“As one of the most active Swiss start-up investors, investiere.ch is an ideal partner for Astrocast,” said Fabien Jordan, Co-founder and CEO of Astrocast. “We believe the high caliber investors that joined us through investiere.ch will help us bring our solution to market and enable the monumental efficiencies and cost advantages the Astrocast constellation will drive across so many key global enterprises.”
Astrocast is designed to provide unlimited coverage all over the planet, with no geographical limitations. The constellation’s satellites will collect data, which will be delivered to ground stations, then distributed for access by customers through a secure internet gateway. Astrocast is expected to serve numerous sectors including smart agriculture, automotive, transportation & logistics, utilities, maritime, oil and gas, among many others.
“Astrocast’s team convinced us with their proven best-in- class expertise in the construction and launch of nanosatellites,” says investiere co-investor Lukas Weber. “Additionally, Astrocast has achieved impressive results and established partnerships with numerous leading players in the field, namely the European Space Agency, the leading satellite communication company Thuraya, as well as Airbus Ventures. The fact that Airbus also led this round further highlights that Astrocast’s immense potential is not going unnoticed in the industry.”
In addition to this seed round, Astrocast has also secured $3 million in grant financing through Swiss grants and the European Space Agency (ESA) Advanced Research in Telecommunications Systems (ARTES) Business Applications program.
The company was founded in 2014 by the team that developed the widely successful SwissCube, Switzerland’s first satellite. Built with traditional Swiss quality, the single-unit CubeSat is still operational today, eight years post launch and well after its life expectancy. Astrocast’s management team includes a number of satellite and IoT veterans.
Astrocast is a Swiss company based in Lausanne developing the Low Earth Orbit (LEO) nanosatellite constellation that will provide diverse global industries with a cost effective IoT and M2M communications platform. Astrocast was founded in 2014 by the developers of SwissCube, one of the longest servicing nanosatellites in space.
investiere.ch offers accredited private and institutional investors direct and professional access to start-up investments and is opening up the asset class venture capital to a wider audience. To date, investiere.ch has successfully closed close to 60 financing rounds and has built a diversified portfolio across different sectors that mirrors the Swiss innovation landscape. investiere.ch was founded in 2010 and operates from offices in Baar, Zurich and Geneva. Together with its minority shareholder Zurcher Kantonalbank, investiere.ch is one of the leading startup investors in Switzerland and is one of the most internationally renowned Swiss fintech companies.
About Airbus Ventures
Airbus Ventures is a Silicon Valley-headquartered, early-stage investment fund that operates with autonomy and trust within Airbus Group. The group’s autonomy is essential as it successfully funds companies worldwide. The fund is nimble, valuable and energetic in their work with startups that will impact all life on Earth and beyond.