Boeing VC arm backs 'Internet of Things' nanosatellite business

Boeing's venture capital arm has invested in Myriota, a nanosatellite technology startup based in Australia that focuses on "Internet of Things" connectivity in remote locations.

This is the first investment Boeing's HorizonX Ventures arm has made in a company outside of the U.S. and the 10th since its launch in April of last year, the aerospace company said Monday. Terms of the investment were undisclosed but Myriota raised $15 million in the Series A funding round with HorizonX as a participant.

Myriota designed its technology to enable two-way communications between ground-based micro-transmitters and nanosatellites in low Earth orbit to securely share data over narrow bandwidths.

Founded in 2015, Myriota envisions its system for usage in the defense sector along with potential application in logistics, agricultural, environmental and maritime industries where traditional IoT network connections can be difficult.

"We formed Myriota to solve a major connectivity problem: hundreds of millions of devices that need to communicate but don't have cost-effective, battery-friendly networks to do so," Myriota CEO Alex Grant said in a release.

"Myriota's technology influences how we think about space-based communications and connectivity in remote locations," said Steve Nordlund, a vice president at Boeing HorizonX.

Boeing started HorizonX to invest in companies that specialize in technologies for areas such as autonomous systems, energy storage, advanced materials, augmented reality systems and software, machine learning and hybrid-electric propulsion.