News Satellite

Banco Santander invests €6m in Sateliot

Sateliot secured €13.5m in funding over the past year, propelling swift progress towards a full commercial launch in 2024.

Sateliot, the company launching the first constellation of low-earth orbit (LEO) nanosatellites providing 5G coverage for IoT (Internet of Things), has secured a significant financial boost of €6m from Banco Santander.

The substantial funding from Banco Santander will play a pivotal role in accelerating the development of Sateliot’s cutting-edge technology and facilitating the deployment of its satellite constellation. The year 2024 holds promise for Sateliot, as it anticipates substantial growth with the launch of four new satellites, marking the commencement of its commercial phase.

This financial endorsement underscores Banco Santander’s commitment to supporting companies’ growth, fostering digitisation, and promoting innovation through its Growth programme, with specific emphasis and support from Santander Corporate & Investment Banking (Santander CIB).

This funding, combined with two recent capital injections totalling €13.5m in less than a year, further solidifies Sateliot’s financial standing. The recent participatory loan of €2.5m from the public company Avança, granted just two weeks ago, and an additional €5m from the convertible note issued by the company, contribute to this robust financial position.

Jaume Sanpera, CEO and co-founder of Sateliot, said: “The completion of these three operations demonstrates the confidence that top-tier banks, regional public administrations, and other groups such as venture capital, family offices, or business angels have placed in us. With all of them, we have created a strategic partnership that reinforces our leadership in the first-ever 5G-IoT constellation.”

This financial strength positions Sateliot for a robust approach to 2024, providing the stability needed to execute its business strategy and sending a resounding message of confidence to the market. Sateliot boasts industrial partnerships with Indra and Cellnex, holding 10.5% and 3.5% ownership, respectively. Additionally, Sepides holds approximately 5% of the capital.

Looking ahead, Sateliot’s strategic focus involves initiating a Series B funding round to finance the next phase of the satellite constellation. This phase includes deploying 250 nanosatellites under the 5G standard, with plans to launch an additional 64 over the next 18 months. Sateliot has already secured agreements with global telecommunications operators and companies in the sector, leading to a binding orders backlog exceeding €150m.