Myriota announces $50m funding round

Adelaide-based telecommunications provider Myriota has announced a $50 million funding round which it states will fund expansion of its Adelaide workforce and enhance its Internet of Things (IoT) connectivity platform and infrastructure.

The funding round includes $25 million from the $15 billion National Reconstruction Fund Corporation (NRFC), and the remainder from venture capital partner Main Sequence and other investors including Inter Valley Ventures.

This will create up to 100 new “high skilled” jobs at Myriota’s advanced manufacturing base in Adelaide.

Myriota’s technology provides satellite-connected monitoring solutions.

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

“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,” Cade stated.

“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,” NRFC Chair Martijn Wilder AM said.

NRFC Chair Martijn Wilder AM stated: “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.”

Myriota’s customer base includes organisations “solving monitoring and tracking challenges” in the agriculture, water management, transport and utilities sectors.

Myriota plans to use the funding to “supercharge global expansion and boost its advanced manufacturing capability within Australia, readying the company and its commercial partners to meet this exponential growth in global demand”.

In 2024, Myriota added an office in the United Kingdom. It plans to open its first office in Mexico office in early 2025.

“While others promise, our partner ecosystem is already solving real world problems across varied applications and environments, globally,” Cade stated.

“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.”