Skylo announced it has raised new funding for connecting machines and sensors.
The startup was previously in stealth mode, but it reports its latest funding round, Series B, has raised $103 in funding. This round was led by Softbank Group, joined by DCM, Innovation Endeavors, and Moore Strategic Ventures. Its total funding since its launch is now at $116 million.
Skylo brings real-time, affordable and ubiquitous Internet of Things (IoT) connectivity to machines, sensors and devices regardless of their placement on the planet. Skylo’s solution costs less (95% less) than traditional satellite connectivity, and leverages the cellular Narrowband IoT protocol for satellite communications, the first of its kind. Skylo works on a number of industries including agriculture, railways, logistics, utilities and others.
“Skylo envisions a world where connectivity for machines, sensors and devices is a ubiquitous as the sky,” said Parthsarathi “Parth” Trivedi, CEO and co-founder of Skylo, in a statement. “This low-cost, global fabric of connectivity for machine data will be trans-formative for entire industries.”
Skylo was formed in 2017, and has offices in San Mateo, California and Tel Aviv, Israel.