|Skylo helps farmers optimize operations by sending and receiving real-time data / Photo Credit: KAMONRAT (via Shutterstock)|
Skylo announced that it has $116 million in total funding, reported security news platform Net Security. The company raised $13 million in a Series A round that was co-led by DCM and Innovation Endeavors, along with Moore Strategic Ventures. Meanwhile, the new Series B round raised $103 million led by SoftBank Group and all existing investors. Skylo will deliver instant, affordable, and ubiquitous IoT connectivity to millions of machines, devices, and sensors even in remote areas. Skylo is the world’s first company to utilize the cellular Narrowband IoT (NB-IoT) protocol via satellite to instantly connect numerous sensors on objects and machines in remote locations.
Skylo’s new satellite company uses existing geostationary satellites to deliver reliable connectivity without adding new infrastructure in space. The firm’s customers include enterprise and government entities in various industries including railways, automotive, agriculture, and maritime. Skylo costs 95% less than existing satellite solutions, starting at $1 per user. Its hardware also costs less than $100. Hence, it is the most affordable satellite technology in the world, enabling operations for remote businesses, enhancing safety, driving economic development, creating more jobs, and aiding in disaster preparedness and response, said Skylo co-founder and CEO Parthsarathi “Parth” Trivedi. “This low-cost, global fabric of connectivity for machine data will be transformative for entire industries,” he added.
If telemetry sensors are equipped with Skylo’s ubiquitous connectivity, customers can access real-time delivery updates, ensure the integrity and quality of temperature-sensitive deliveries, track maintenance schedules, certify safety compliance, etc. Further, Skylo helps farmers optimize operations by sending and receiving real-time data about growing conditions like soil pH or air temperature. This way, farmers are informed of watering schedules, fertilizer needs, and growth cycles, which will help grow healthier crops and reduce resource consumption. Additionally, the company also supports emerging business models for equipment sharing, thereby promoting “tractor sharing.” That means farmers and equipment can connect and share heavy-duty machinery, allowing farmers to boost their productivity and have affordable access to farming equipment.
The firm will first scale its customer implementations in India and other emerging markets. Currently, Skylo is in commercial trials with users in the US and other regions for market expansion and launches.