UK company Sky and Space Global has received signed binding commitments for raising $12 million in a two-tranche share placement to investors as part of its $15 million fundraising effort. The funds are to be used to facilitate the launching of the first batch of the company’s Pearls constellation nanosatellites network. The launch with Virgin Orbit is due to take place by mid-2019 and is the initial stage of the company’s plan to operate a network of 200 nano-satellites to provide around the clock affordable voice, data, instant messaging, M2M and IoT communications to the equatorial belt.
SAS aims to bring the equatorial region services like search and rescue, disaster management, emergency response, security alarms and recreational tracking. This is in addition to a range of traditional services including cellphone applications, offshore communications, smart farming, interactive TV, airplane, vessel and animal tracking, water and electric metering, grid monitoring, and ATM.
“We have undertaken this round of financing at a crucial time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space,” said Sky and Space Global Managing Director and Chief Executive Officer (CEO) Meir Moalem. “The support we have received is indicative of the confidence the market has in our ability to deliver on milestones and achieve the objectives we have set out for the company.”