Myriota secures $50m funding to boost IoT & jobs in Adelaide

Myriota has secured $50 million in funding to enhance global Internet of Things (IoT) capabilities and create jobs in Adelaide.

Myriota, a direct-to-orbit connectivity provider, plans to use this capital to expand its IoT connectivity platform and increase its Australian manufacturing capacity to meet growing global demand. The funding round, led by the National Reconstruction Fund Corporation (NRFC) and supported by venture capital partners such as Main Sequence and Inter Valley Ventures, is part of Myriota's strategy to accelerate the digitisation of field-based industries worldwide.

This financial boost will lead to the creation of up to 100 high-skilled jobs at Myriota's manufacturing base in Adelaide, further solidifying its local presence while aiming to diversify the Australian economy. This investment makes Myriota the first South Australian recipient of the Federal Government's NRFC investment which underlines the fund's commitment to supporting Australian industry across key economic sectors, including space.

Ben Cade, Myriota's Chief Executive Officer, expressed enthusiasm about the opportunities this investment presents. He stated, "These investments in Myriota will support our hyper-growth and continued role as a leader in democratised satellite connectivity. 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."

The NRFC Chair, Martijn Wilder AM, noted the significance of the investment, saying, "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." This marks the NRFC's first foray into the space industry, indicating a strong commitment to supporting technological advancements with far-reaching benefits.

Myriota's IoT solutions are already making waves across various sectors, offering crucial data services to industries such as agriculture, water management, transport, and utilities. Through its market-facing ecosystem, Myriota Habitat, the company collaborates with partners like Rain Harvesting Connect and Corrosion Instruments to provide essential monitoring solutions.

Phil Livingston, CEO of Agbot, a Myriota partner, emphasised the practical benefits, stating, "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." Such collaborations highlight Myriota's value in providing reliable connectivity solutions, especially in remote and rural areas.

The company's extensive partnership network also includes global entities like Grundfos, which utilises Myriota's technology for Solar Connect solutions, ensuring consistent water supply for livestock through remote monitoring.

In high-risk industries, Myriota's technology supports devices like the US-based One-Tank's SkyTracker and Australia's RF Technologies to offer critical safety and operational benefits, indicating the versatility of its applications.

Myriota's ambitious plans include further international expansion, with a new office in Mexico slated for early 2025. Earlier this year, the company expanded into the UK, reinforcing its presence in countries such as the US, Canada, Switzerland, and Brazil.

Reflecting on the company's ongoing journey, Mr Cade added, "We strive to enable solutions that have immediate benefit from just a single, out of the box deployment on a small farm, all the way through to a large enterprise deploying tens of thousands of sensors across all their locations. This latest round will allow Myriota to further expand our services around the world, and we are excited to partner with the National Reconstruction Fund Corporation as we embark on the next phase in our growth."