NuSpace, a Singapore-based nano-satellite company that provides IoT connectivity and data platform services, today announced undisclosed funding from Japanese venture capital firm BEENEXT.
In a press statement, the company stated that the funding will help “accelerate momentum” for their product launch. It plans to launch a technology demonstration satellite by the end of 2020 and complete the deployment of the constellation by the end of 2022.
Founded by Ng Zhen Ning (Co-founder & CEO) and Dr Luo Sha (Co-founder), NuSpace is a spin-off from the National University of Singapore (NUS). Both co-founders are researchers at the NUS Faculty of Engineering. Dr Luo Sha was the principal investigator of Galassia, NUS’ first nano-satellite that was successfully launched in December 2015 for research purposes.
The nano-satellites that NuSpace plans to launch has the ability to bring IoT connectivity to places that are previously seen as “not economically feasible” such as in the middle of the ocean.
The IoT connectivity itself is useful for tracking of livestock, maritime shipment, and management of agritech devices especially in the equatorial belt regions with its “fast-growing, emerging” economies.
Also Read: From space stations to crime scenes: The remote AR revolution
The startup believes that nanosatellites will be an important tool for government agencies and businesses that need connectivity in remote areas at a low cost and shorter lead time for design and building.
“With more than 85 per cent of the world still lacking access to the internet, there exists gaps where global data cannot be obtained cost-effectively. With NuSpace’s technologies to help plug the gaps and provide wider coverage, more parts of the world can be digitised with IoT technology, opening up more commercial opportunities in this knowledge-driven economy,” said Ng Zhen Ning, Co-founder & CEO of NuSpace.
Previously, NuSpace has raised an early-stage funding from Singapore-based venture co-creator Origgin.
The startup was also incubated under the NUS Graduate Research Innovation Programme (NUS GRIP) and had received seed funding of S$100,000 (US$72,000) from the programme.
BEENEXT has recently invested in Raena, a platform that helps social influencers launch their own brands.
The firm has invested in startups from various verticals, from e-commerce, fintech, healthtech, to agritech.
“We hope to expand their reach and applications through NuSpace’s creation of IoT coverage in remote areas,” said Teruhide Sato, Managing Partner of BEENEXT.
—
Image Credit: Paulo Simões Mendes on Unsplash
The post Space tech company NuSpace raises funding to bring IoT connectivity to remote places appeared first on e27.