Astrocast SA, the leading Swiss IoT- focused nanosatellite company, floated its shares on the Euronext Growth market in Oslo. The listing marks the first chance for investors to acquire shares in an IoT satellite constellation in a public market.
“Astrocast is recognised as one of the pioneers, and one of the most advanced companies in the world providing low-cost global connectivity for the IoT. Lack of such connectivity has been a roadblock for a massive expansion of this market.”
said Fabien Jordan, CEO of Astrocast
Current cellular networks cover roughly only 10% of the Earth’s surface, and low-power wide-area networks (LPWAN) cover only a fraction of this. More than 5 billion IoT devices are expected by 2025, and a rapidly growing part of these needs to be connected by satellite. Through its Nanosatellite IoT Network, Astrocast enables companies to track, measure, manage, communicate and control IoT assets from the world’s most remote regions. To meet the growing demand for such services, Astrocast is planning a substantial increase in capacity.
100 satellites by the end of 2024
Prior to the listing on Euronext Growth Oslo, Astrocast offered new shares to investors and raised CHF 40 million in capital.
“The fundraise and listing represent major steps for the company as we are now accelerating the deployment of our constellation. After a successful launch of 5 new satellites in late June this year, the company’s current network comprises 10 operating satellites in orbit. We plan to increase this to a total of 100 satellites by the end of 2024.”
said Fabien Jordan
