UK space firm raises $12m through share placement
Sky & Space Global is aiming to help connect billions of unconnected people in the equatorial belt by operating a network of 200 nano-satellites.
They will provide around-the-clock affordable voice, data, instant messaging, M2M and IoT communications which will facilitate life-saving services like search and rescue, disaster management, emergency response, security alarms and recreational tracking.
This is in addition to a whole 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.
The first batch of satellites are set to be launched with Virgin Orbit by mid-2019 following the receipt of signed binding commitment letters for the $12m placement, as part of a wider $15m fundraising effort.
The company expects to begin generating revenue from late 2019.
“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 Meir Moalem, Sky and Space Global managing director and CEO.
“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.”
The offering has received the backing of existing SAS investors as well as several new institutional and professional investors.
In addition Moalem, SAS chairman Michael Malone and other directors will be investing $710,000 in the placement, subject to shareholder approval.