Satelles, Inc. (www.satellesinc.com), provider of highly secure satellite-based time and location services, announced that it has raised $26 million in Series C funding. C5 Capital (www.c5capital.com) led the round, with participation from Iridium Communications (www.iridium.com) and existing investors. This new investment brings Satelles’s total funding since the launch of its platform to $39 million and will help the company expand its sales and marketing efforts, broaden its partner network, and accelerate product development.
Industry and government requirements for positioning, navigation, and timing (PNT) are expanding at a rapid pace, and the Satellite Time and Location (STL) broadcast signal from Satelles is designed to provide assured PNT across a range of applications and at scale. “Today’s world runs on systems requiring trusted time and location information, and C5 Capital shares our commitment to make it a more secure and better place,” said Dr. Michael O’Connor, CEO of Satelles. “We are delighted that C5 led this latest investment round because they bring great insight into cybersecurity, and their international network is unparalleled.”
The Satellite Time and Location broadcast service from Satelles is encrypted to thwart malefactors aspiring to spoof or otherwise disrupt the STL signal, which is delivered via the low-Earth-orbit (LEO) satellite constellation operated by Iridium, an investor in this financing round. “STL addresses a critical and growing need across many applications and industries, so Iridium’s investment in Satelles aligns with our strategic vision,” said Matt Desch, CEO of Iridium Communications. “Satelles’s technology is unique and powerful, and we are proud to host such an innovative service that solves important problems and leverages the unique capabilities of our network.”
“The capabilities of Satellite Time and Location are enhanced by the technical and service delivery attributes of low-Earth-orbit satellites,” said Dr. Gregory Gutt, President and CTO of Satelles. “An extraordinary constellation such as Iridium’s gives us an incredible platform from which to deliver our trusted PNT solutions, so we remain committed to LEO technologies going forward.”
Commenting on the closure of the Series C investment in Satelles, Andre Pienaar, Managing Partner of C5 Capital, said, “Space is a rapidly developing battleground for cyber threats to critical infrastructure, and GPS is unable to meet all these challenges. Satelles has developed a powerful solution which not only prevents attacks but provides a stronger and more effective service through STL. We are pleased to have led this funding round and look forward to working closely with this remarkable business.”
