Thursday, April 18, 2024
HomeFunding Porto-based Connected Secures €2 Million in Pre-Seed Round Funding

[Funding alert] Porto-based Connected Secures €2 Million in Pre-Seed Round Funding

Porto-based Connected secures €2 million in pre-seed round funding. The biggest pre-seed ever raised by a space firm based in Portugal.

Porto-based Connected secures €2 million in pre-seed round funding. The biggest pre-seed ever raised by a space firm based in Portugal.

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This investment was Co-led by FundBox, Shilling VC, and Iberis Capital, and led by Octopus Ventures, which oversees one of the biggest and busiest investment funds in Europe, along with major contributions from Amena Ventures and angel investor Keith Willey.

Tiago Rebelo, Co-Founder and CEO of Connected said, “The successful completion of this major funding round is a significant achievement for a company that was only incorporated one year ago. We are delighted to have secured this funding and have the support of esteemed investors who share our vision. At Connected we are committed to providing affordable NB-IoT connectivity from space, making use of our unique proprietary technology to be hosted on third-party satellites, globally providing a unique service in the most sustainable manner. With this investment, we are one step closer to revolutionising connectivity worldwide,”.

Because of the exponential expansion of IoT devices in off-grid places without terrestrial cellular service, there is an increasing demand for space-based connectivity. By 2026, there will be more than 21 million IoT devices in the world that require satellite-based communication, according to projections.

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Due to this expansion, it has become evident that around 80% of the world does not have mobile cellular coverage. This has left over 450 million people without access to the internet and has limited the potential of many businesses.

Connected is creating a proprietary, self-governing, expandable, and readily integrated payload technology for use on private satellites in low Earth orbit (LEO) in order to meet this problem.

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This system can offer low-bandwidth, globally standardised connectivity that is optimised for low-cost, low-power communication solutions. The network that is presently under development will provide connection services for a variety of applications by seamlessly integrating space nodes and ground terminals.

These include IoT applications that help with the climate shift, including wildlife conservation and fire prevention, as well as personal applications like emergency assistance in distant places.

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The network will also assist with digital transformation initiatives in a number of other industries, including defence, territory surveillance, aquaculture, and precision agriculture.

Nuno Trindade, Partner at FundBox said, “We believe there is still much to be done in the space sector, a high-risk, high-return sector in which we have been investing. Having had the opportunity to invest in an ambitious project Made In Portugal, we did not hesitate to trust Tiago and his team, confident that they will lead this project to success on a global scale,”.

João Henriques, Partner at Iberis Capital, added: “Being able to be part of Connected’s mission to unlock digital transformation and climate transition on Earth, while safeguarding the sustainability of space, is to be part of a revolution in a sector as promising and impactful as that of IoT connectivity. We are very excited to contribute to the rapid growth of this sector!”

Pedro Ramalho Carlos, Managing Partner at Shilling VC said, “At Shilling, we recognise a substantial market demand for a standardised and cost-effective global IoT connectivity service. We are confident that Tiago and his team possess both the ambition required to revolutionise this sector and the experience, background, and proven track record in executing projects within the space industry. We are thrilled to be part of Connected’s journey,”.

About Connected

The mission of CONNECTED is to make connectivity simply accessible to everyone, everything, and everywhere. Their goal is to link people at a low cost, to initiate a new wave of IoT-based business models, to enhance the quality of life for citizens, and to help close the digital divide.

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