ST Engineering has announced its Corporate Venture Capital unit, ST Engineering Ventures Pte Ltd led a US$30m Series A round in Israel-based hiSky Ltd. with participation from SDF (Strategic Development Fund), the investment arm of Tawazun Holding, and hiSky’s existing shareholders.
“Analysts forecast that the satellite IoT market growth will total US$1.1 billion in revenue by 2027. Therefore, enabling our customers’ growth with an effective IoT solution is key to our strategy,” said Low Ka Hoe, President, Satellite Communications at ST Engineering. “This investment allows us to jointly offer hiSky’s innovative and robust IoT satellite terminals with ST Engineering iDirect’s extensive hub and network management solutions, providing our customers a validated, future-oriented IoT solution that leverages their existing infrastructure. The flexible service enablement options will help to reduce our customers’ upfront costs and minimise operational complexities associated with building and launching their own IoT solutions, thereby speeding their time to market.”
“hiSky is both proud and delighted to welcome ST Engineering Ventures and SDF as investors,” continued Shahar Kravitz, hiSky’s co-founder and CEO. “ST Engineering iDirect has been a strategic partner of hiSky for two years and we see their investment in hiSky as a natural step towards continued, rapid growth in our satellite IoT solutions across all verticals and industries. We have no doubt that hiSky’s satellite IoT technology, combined with ST Engineering iDirect’s capabilities, will bring great value to customers in reducing their costs and shortening their time to market. We thank our new investment partners for this vote of confidence in our technology, vision and business plans.”
