Connected, a Portuguese startup on a mission to make universal, standardised, and affordable Narrow-Band Internet-of-Things (NB-IoT) connectivity from space a reality, has secured its €2 million funding round, the largest pre-seed ever raised by a Portuguese-based space startup. Co-led by FundBox, Shilling VC and Iberis Capital, with significant contributions from Amena Ventures, angel investor Keith Willey and Octopus Ventures, which leads one of the largest and most active investment funds in Europe.
Founded in 2023, with this investment Connected will expand the team and accelerate the development of its proprietary technology, whose first tests in space are expected to be carried out at the end of 2024.
“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,” said Tiago Rebelo, Co-Founder and CEO of Connected.
The demand for space-based connectivity is growing, driven by the exponential growth of IoT devices in off-grid areas without terrestrial cellular coverage. Projections indicate that the number of IoT devices demanding satellite-based connectivity will exceed 21 million worldwide by 2026. This growth has exposed the fact that approximately 80% of the planet lacks mobile cellular coverage, leaving over 450 million people disconnected from the grid and limiting the potential of many businesses.
To address this challenge, Connected is developing a proprietary, autonomous, scalable, and easily integrated payload system designed for third-party satellites in low Earth orbits (LEO). This system is capable of providing standardised, global, low-bandwidth connectivity optimised for communication solutions that are both low-cost and low-power. The network currently in development will seamlessly integrate space nodes and ground terminals, offering connectivity services for a wide range of applications. These include personal applications such as emergency support in remote areas, as well as IoT applications that facilitate climate transition, such as fire prevention and wildlife protection. Additionally, the network will also support digital transformation efforts in sectors like precision agriculture, aquaculture, territorial surveillance, and defence, among others.
“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,” emphasised Nuno Trindade, Partner at FundBox.
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!”
“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,” highlighted Pedro Ramalho Carlos, Managing Partner at Shilling VC.
