South Australian telecommunications provider Myriota will use a AUD50 million funding injection to expand its Adelaide-based workforce, allowing it to break new ground with its Internet of Things technology.
The capital will be used to boost the capability and scale of its IoT connectivity platform and infrastructure, boosting Australian-based advanced hardware manufacturing capacity to support increasing global demand.
The funding round is led by AUD25 million from the e National Reconstruction Fund Corporation (NRFC), with the remainder coming from venture capital partners Main Sequence and further support from investors including Inter Valley Ventures.
“These investments in Myriota will support our hyper-growth and continued role as a leader in democratised satellite connectivity,” said Myriota CEO Ben Cade. “It will ensure our advanced manufacturing stays here in Australia, helping to diversify the Australian economy while delivering up to 100 highly skilled jobs with the opportunity and expertise to drive global impact.”
The telecommunications provider is participating in the IoT industry with its technology and is the first South Australian recipient as part of the federal government’s AUD15 billion NRFC which supports seven priority areas of the Australian economy. It is the NRFC’s first investment in the space industry.
“By investing in companies such as Myriota, the National Reconstruction Fund Corporation is helping to commercialise Australian innovation that directly translates into high skilled jobs and creates significant benefits for regional Australians,” said NRFC Chair Martijn Wilder.
Myriota will use the funds to grow and increase its advanced manufacturing capability within Australia, readying the company and its commercial partners to meet this exponential growth in global demand.
This year Myriota added a UK office, joining teams across the US, Canada, Switzerland, Peru, Argentina, and Brazil. Myriota will add its first Mexico office in early 2025.
“This latest round will allow Myriota to further expand our services around the world, and we are excited to partner with the National Reconstruction Fund Corporation as we embark on the next phase in our growth,” said Cade.
