NRFC invests $25 million in Myriota’s $50 million funding round

The National Reconstruction Fund Corporation has announced its third investment, tipping $25 million into telecommunications company Myriota as part of a $50 million funding round.

In a statement on Thursday, Adelaide-based Myriota said the capital will be used “to enhance the capability and scale of its IoT connectivity platform and infrastructure”, and ramp up its hardware manufacturing capacity to meet growing international demand. It expects to add 100 new roles in South Australia as a result.

Main Sequence and Inter Valley Ventures were among equity investors in the raise.

“These investments in Myriota will support our hyper-growth and continued role as a leader in democratised satellite connectivity,” said Myriota CEO Ben Cade (pictured.) 

“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.” 

Myriota was founded in 2015 based on research from University of SA’s Institute for Telecommunications, and provides IoT connectivity via low earth orbit satellites.  

The NRFC – which was established to deploy $15 billion in loans, equity and guarantees across seven priority areas set out by the federal government –.said Myriota provided enabling capabilities aiding the nation’s telecommunications and space sectors.

“Myriota’s solutions provide businesses with crucial data from infrastructure located in remote and regional areas, saving time and money and giving them the valuable insights they need to improve productivity and efficiency,” said NRFC Chair Martijn Wilder.

“Myriota’s experience with offering connectivity that bridges the vast distances in regional Australia make it uniquely positioned to export its hardware and technology to the rest of the world.”

The investment by the NRFC follows backing announced in November for METS company Russell Mining Equipment and quantum chip maker Quantum Brilliance last week.

Picture: supplied

Further reading

NRF makes first investment – $40m in Russell Mineral Equipment

Myriota secures Moon to Mars funding

Co-investment plan released for first of seven National Reconstruction Fund priority areas