Unlike Elon Musk’s Starlink satellite services that focuses on supplying high-speed internet to people who can’t be reached by fiber optic cables, Astrocast aims to connect variety of devices to make the Internet of Things works.
Switzerland-based nanosatellite firm, Astrocast is seeking a mammoth 50 million Swiss franc ($54) in a private placement as it gears up for a direct listing on the stock market. Much to the delight of the investors, the company plans to list on one of Euronext NV’s exchanges for small and mid-sized companies. It is looking forward to the direct listing of 30 to 40 per cent of its shares in the third quarter.
Delivering internet access to all types of devices through its innovative solutions, Astrocast broke onto the scene with its advanced global nanosatellite IoT network to tackle challenges in industries such as Agriculture and Livestock, Oil, Gas and Mining. The company attracted several investment firms early in the piece, including Adit Ventures. Airbus SE’s venture arm, Luxembourg-based Boundary Holding, among others.
With a comprehensive investment push, Astrocast looked for operational efficiency and expansion, achieving considerable growth in the recent times. The latest development comes as a breath of fresh air for the investors that trusted the company’s vision and ability to make the progress in due course of time. For instance, Boundary Holding, led by Rajat Khare achieved 150 per cent gain on its investment and has partially exited some shares as well.
Astrocast is unlike Elon Musk’s Starlink satellite services, as the objective of both the ventures is different. While the latter focuses on supplying high-speed internet to people who can’t be reached by fiber optic cables, the former aims to connect variety of devices to make the Internet of Things works.
At this stage, the company already has seven operational satellites with five more to be launched by Musk’s SpaceX. It is the first Swiss telecom satellite operator, and the nanosatellites offered by Astrocast have 100 times more communication speed and onboard storage. By the end of 2024, the company wants to send at least 100 satellites into the orbit, in accordance with its future plans.