Australian IoT telecommunications provider Myriota has successfully raised a $50 million funding injection that it will use to expand its Adelaide-based workforce.
Myriota’s technology enables remote ground-based monitoring sensors to communicate at low-cost via satellite signals. It is used by farmers and other businesses to access data that would otherwise be impractical to gather.
The company says it will also use the capital influx to “enhance the capability and scale of its IoT connectivity platform and infrastructure”.
“It will ensure our advanced manufacturing stays here in Australia, helping to diversify the Australian economy while delivering up to 100 highly skilled jobs with the opportunity and expertise to drive global impact,” said Myriota’s CEO, Ben Cade.
The funding comprises $25 million from the Australian Government-established National Reconstruction Fund Corporation (NRFC), with the balance coming from venture capital partner Main Sequence and investors such as Inter Valley Ventures.
“By investing in companies such as Myriota, the National Reconstruction Fund Corporation is helping to commercialise Australian innovation that directly translates into high skilled jobs and creates significant benefits for regional Australians,” said NRFC Chair, Martijn Wilder.
Myriota says it has a “growing list” of customers that includes innovators from Australia and around the world, who are “solving monitoring and tracking challenges across industries such as agriculture, water management, transport, and utilities”.
Examples include Queensland-based Rain Harvesting Connect, which uses Myriota’s IoT solution to help its customers track rainfall, and Corrosion Instruments, which monitors pipeline deterioration.
Another is Agbot, a water tank monitoring company Agbot, whose CEO, Phil Livingston said that “Building on the Myriota platform has enabled us to get connectivity everywhere and meet the needs of the most remote stations, giving clear access and visibility on asset performance.”
Myriota’s rapid growth includes the recent addition of a UK office, adding to teams already in place in the USA, Canada, Switzerland, Peru, Argentina and Brazil, with a Mexico office to open early this year.
