Skylo Technologies Raises $103 million in Series B funding Led By Softbank Global

• The company provides affordable Internet of Things (IoT) connectivity to machines, sensors, and devices via communication in remote geographies
• Previously, DCM, Innovation Endeavors, Boeing, HorizonX and Moore Strategic Ventures had invested in this start-up

According to a report by the Economic Times, machine connectivity solution company Skylo Technologies said that it has raised $103 million in Series B funding round led by SoftBank Group. As per the report, the company provides affordable Internet of Things (IoT) connectivity to machines, sensors, and devices via communication in remote geographies.

The report said that Parthsarathi Trivedi, co-founder, and CEO of Skylo said that Skylo costs 95 per cent less than existing satellite solutions. Its connectivity starts at $1 per user and hardware that costs less than $100. He added that the low-cost global fabric of connectivity for machine data will be transformative for entire industries. Previously, DCM, Innovation Endeavors, Boeing, HorizonX and Moore Strategic Ventures had invested in this start-up.

Enterprise and government entities

As per the report, Skylo’s satellite connectivity uses existing geostationary satellites without the need to add new infrastructure in space. The company’s customers consist of includes enterprise and government entities in industries like automotive, railways, agriculture and maritime. Skylo Hub is a satellite terminal that connects to the Skylo Network. It can provide reliable connectivity anywhere in the world, irrespective of geography, without the requirement of new infrastructure in space.