On Wednesday, September 11, at World Satellite Business Week in Paris, Fabien Jordan, the CEO of Astrocast, will be participating in a panel discussion regarding IoT Constellations: Emerging Business Models, starting at 14:15 CEDT.
Astrocast also recently successfully closes CHF 9 million ($9.2 / €8.3 million) Series A round of funding from new and existing investors. The company has raised CHF 16.6M to date and will use the capital to accelerate production of IoT modules, to start the company's commercial phase and deployment of their LEO IoT Network.
Astrocast also announced the award of 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.
According to the company, Astrocast is the only IoT company partnering with aerospace industry firms such as Thuraya, the European Space Agency (ESA) and Airbus. The launch of a second test satellite in April of this year made Astrocast the first to prove its ability to launch, propel, accurately determine the position and communicate with their LEO smallsats in less than two hours after launch.
The company is also the first to have commercial access to the L-band frequency enabling energy efficient and reliable two-way IoT communications, anywhere. Both satellites have completed a full system test and are functioning at full capacity. Astrocast is now engaging in commercial discussions with partners. Its first three pilot customers, Actia, Marine Instruments and Swiss Fresh Water have all begun on-the-ground testing.
José Achache, Astrocast Chairman of the Board, said it has been an amazing year for Astrocast. With the launch of two satellites and a growing number of pilot customers, the company has demonstrated its ability to bring IoT access to the world.
Fabien Jordan, CEO of Astrocast, stated the company is excited to see the continued confidence of the firm's investors and partners in the new space race and the company as the mission of building the world’s first IoT network for the planet becomes a reality. As Astrocast moves toward the commercial launch in Q1 of 2020, the firm is further confirming its leadership as a fully integrated nanosatellite operator with the unique ability to deliver efficient IoT satellite global coverage. Next steps with investors will be to secure an accelerated deployment of the firm's global fleet of satellites.
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