[Funding alert] Skylo Technologies raises $116 million from SoftBank
San Mateo-based Skylo Technologies, the reported manufacturer of the world’s most affordable and ubiquitous network that connects any machine or sensor, announced on Tuesday that it got out of its stealth mode.
The startup raised $13 million in its Series-A round of funding from DCM, Innovation Endeavors, and Moore Strategic Investors. Additionally, it also said that it raised $103 million in its Series-B round led by Softbank Group and existing investors.
Skylo's value proposition lies in bringing instant, affordable, and a ubiquitous Internet of Things (IoT) connectivity to millions of machines, sensors, and devices, even in remote geographies. The company claims that it is the world’s first startup to leverage the cellular Narrowband Internet of Things (NB-IoT) protocol via satellite, making it possible to instantly connect billions of sensors on objects and machines in remote areas.
Its satellite connectivity leverages existing geostationary satellites to bring reliable connectivity without the need to add new infrastructure in space. Skylo has successfully built and proven its end-to-end technology and completed successful commercial field trials with major enterprise and government customers. The company’s clientele includes enterprise and government entities in a range of industries such as automotive, railways, agriculture, and maritime.
Skylo costs 95 percent less than the existing satellite solutions, with connectivity starting at just $1 per user, and hardware that costs less than $100. Skylo is the world’s most affordable satellite technology and will enable operations for remote businesses, increase safety, drive economic development and job creation, and help with disaster preparedness and response.
"Skylo envisions a world where connectivity for machines, sensors, and devices is as ubiquitous as the sky. This low-cost, global fabric of connectivity for machine data will be transformative for entire industries," said Skylo's Co-founder and CEO Parthsarathi Trivedi.
Skylo was founded in 2017 by CEO Parth Trivedi, Chief Technology Officer Andrew Nuttall, and Chief Hub Architect Andrew Kalman. The company’s current board of directors includes board chairman and former US ambassador Terry Kramer, David Chao of DCM, Scott Brady of Innovation Endeavors, Harpinder Singh of Innovation Endeavors, and Skylo CEO Trivedi.
Skylo has offices in San Mateo, California, Bengaluru, and Tel Aviv in Israel, and is looking to grow the team globally to support its fast-growing customer base.
(Edited by Suman Singh)