Myriota Secures $50M in Funding, with $25M from NRFC to Drive Australian IoT Innovation

MYRIOTA TO SUPERCHARGE GLOBAL EXPANSION WITH $50 MILLION BOOST 

• Top 5 direct-to-orbit connectivity provider Myriota continues rapid growth securing $50 million funding round to accelerate the digitisation of field-based industries, globally.
• The funding will create up to 100 additional high-skilled jobs at Myriota’s advanced manufacturing base in Adelaide, to enhance global IoT capabilities.
• The capital will be used to enhance the capability and scale of its IoT connectivity platform and infrastructure and boost its Australian-based advanced hardware manufacturing capacity to support surging global demand.
• The round is led by the National Reconstruction Fund Corporation (NRFC) and venture capital partners Main Sequence with further support from investors including Inter Valley Ventures.

South Australian telecommunications provider Myriota will use a $50 million funding injection to expand its Adelaide-based workforce, allowing it to break new ground with its Internet of Things (IoT) technology. 

The capital will be used to enhance the capability and scale of its IoT connectivity platform and infrastructure, boosting Australian-based advanced hardware manufacturing capacity to support surging global demand. The funding round is led by $25 million from the NRFC, with the remainder coming from venture capital partners Main Sequence and further support from investors including Inter Valley Ventures. Myriota’s technology enables simple, satellite-connected monitoring solutions to empower farmers and businesses to access data at an affordable price point and with minimal maintenance.

“These investments in Myriota will support our hyper-growth and continued role as a leader in democratised satellite connectivity. It will ensure our advanced manufacturing stays here in Australia, helping to diversify the Australian economy while delivering up to 100 highly skilled jobs with the opportunity and expertise to drive global impact,” Myriota CEO Ben Cade said. 

The telecommunications provider is reshaping the IoT industry with its accessible, affordable and scalable technology, and is the first South Australian recipient as part of the Federal Government’s $15 billion NRFC which supports 7 priority areas of the Australian economy. It is the NRFC’s first investment in the space industry. By redefining the limits of satellite connectivity, Myriota is democratising access to critical data insights that help both producers and governments reduce operating costs, maximise margins, and minimise environmental impact.

“By investing in companies such as Myriota, the National Reconstruction Fund Corporation is helping to commercialise Australian innovation that directly translates into high skilled jobs and creates significant benefits for regional Australians,” NRFC Chair Martijn Wilder AM said.

Myriota’s growing list of customers includes innovators from Australia and around the world, who are solving monitoring and tracking challenges across industries such as agriculture, water management, transport, and utilities. Together, they form a market-facing ecosystem known as the Myriota Habitat.

The Myriota Habitat delivers global water management solutions, such as Queensland-based Rain Harvesting Connect, that are ensuring customers can track every drop of precious rainfall, and Corrosion Instruments, which is solving the challenge of pipeline deterioration, a leading cause of water loss in Australia. 

Supporting Australian farmers and a viable agricultural future, tank monitoring solution partner Agbot is paving the way for attainable agri-tech solutions with big impact. Agbot CEO Phil Livingston said, “Building on the Myriota platform has enabled us to get connectivity everywhere and meet the needs of the most remote stations, giving clear access and visibility on asset performance.”

Myriota’s global partner Grundfos, the world’s largest supplier of industrial pumps and pump monitoring solutions, offers a Solar Connect solution that delivers insights on remote pump and tank infrastructure to ensure livestock are never without water. 

In high-risk industries, Myriota’s technology is delivering critical solutions, such as US-based One-Tank’s SkyTracker, a self-contained explosion-proof tank monitor device that can be used to track consumption and detect gas leaks in propane tanks, and Australia’s RF Technologies, which is pioneering military-grade expandable sensor units for versatile applications that are designed and made in Australia. 

These applications are just the tip of the iceberg, with technology research consultant Gartner predicting expenditure in the IoT market to nearly double to $991 billion by 2028. Myriota will use this latest investment to supercharge global expansion and boost its advanced manufacturing capability within Australia, readying the company and its commercial partners to meet this exponential growth in global demand.

This year saw Myriota grow with the addition of a UK office, joining teams across the US, Canada, Switzerland, Peru, Argentina, and Brazil. Myriota will add its first Mexico office in early 2025.

Mr Cade said, “Agility and innovation have been at the core of Myriota since our inception, and we are leading the market in affordable (low total cost of ownership), low power (long field life), scalable (in cost and deployment) IoT solutions. While others promise, our partner ecosystem is already solving real world problems across varied applications and environments, globally. 

“We strive to enable solutions that have immediate benefit from just a single, out of the box deployment on a small farm, all the way through to a large enterprise deploying tens of thousands of sensors across all their locations. This latest round will allow Myriota to further expand our services around the world, and we are excited to partner with the National Reconstruction Fund Corporation as we embark on the next phase in our growth.”

About the National Reconstruction Fund Corporation (NRFC) 
The NRFC invests to diversify and transform Australia’s industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC can invest in seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities. 

The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023. 

For more information, visit nrf.gov.au 

Media contact: media@nrf.gov.au

About Myriota 
Myriota is a global leader in low-cost, low-power, secure direct-to-orbit satellite connectivity for the Internet of Things (IoT), and small power-constrained devices.

Founded in 2015, Myriota’s space-based network delivers scalable, affordable IoT data services and energy-efficient hardware that is essential for sectors such as agriculture, logistics, water management and environmental conservation.  

For more information, visit myriota.com

Media contact: media@myriota.com