Astrocast, a network of nanosatellites, is looking for $54 million to be privately listed before it goes public on the stock exchange. This comes after five satellites were launched on the SpaceX Falcon 9 rocket.
A well-known company for creating tiny satellites that provide internet access to all kinds of devices, Astrocastis also the first Swiss telecoms at operator.
This company’s goal is different than Elon Musk’s Star Link Satellite Service, which aims to offer high-speed internet access to users. Astrocast is focused on connecting different devices with tiny satellites. This constellation could be a key to the Internet of Things (IoT).
The company has seen a significant increase in the power and performance over time, following the launches of two pilot satellites in 2018 & 2019. Astrocast’s nanosatellites are now capable of communicating 100 times faster and have more storage.
Adit Ventures, Airbus SE Venture arm and the European Space Agency are backing Astrocast. After making significant progress over a short period, the company received funding from global investor firm Boundary Holding in 2021. Astrocast was looking for funding partners at that time and Deep tech Investment Firm Boundary Holding led by Rajat Khare helped Astrocast realize its potential.
Astrocast, which has launched satellites back-to-back and made good progress since then, plans to list 30-40 per cent of its shares directly in the third quarter. The company plans to list on Euronext NV’s exchanges for small- and medium-sized businesses. It also plans to launch approximately 100 satellites in orbit by 2024.
Astrocast Chief Executive stated, “Business is global but connectivity isn’t and that’s an enormous issue,” while speaking about the latest development.
He said, “We can expand that coverage, so we are providing IoT companies a way to communicate even in remote locations, regardless of the asset’s location, such as the North Pole, middle of a desert, or ocean.”
Astrocast offers the best nanosatellite constellations on the market. Its network features include two-way communication, global L-Band spectrum and low latency communications from assets. The company is eager to explore new possibilities and make a significant contribution in the future.