Swiss IoT Startup Astrocast Secures US$ 9.2 Mil. in Series A Funding

Ecublens, Switzerland, September 4, 2019--Astrocast, a Switzerland-based Internet of Things (IoT) nanosatellite network, has secured US$ 9.2 (€8.3M)  Series A round of funding to accelerate production of IoT modules, to begin commercial phase and deployment of the its Low Earth Orbit (LEO) IoT network.

To date, Astrocast has raised CHF 16.6M in total funding. Founded in 2014 by the developers of SwissCube, one of the longest lasting, operational nanosatellites in space and led by Fabien Jordan, CEO, and José Achache, to develop an advanced nanosatellite network for the Internet of things (IoT). 

Airbus and Astrocast have developed a low-cost ASIC and module that provides efficient satellite modem for IoT applications. The constellation will consist of 64 CubeSat satellites in Low Earth Orbit (LEO) and will provide low latency global coverage.

Astrocast was also awarded a CHF 500,000 loan from the Foundation for Technological Innovation. The FIT Growth loan encourages entrepreneurship, supports innovation and bolsters the local economy by supporting technology startups in the county of Vaud Switzerland. Astrocast received a similar award called the FIT Seed Loan in 2015.

Astrocast launched two test satellites so far. Both satellites have completed a full system test and are functioning at full capacity. The company is preparing to launch a constellation of 80 satellites by 2023 or 2024.