Swarm technologies has decided to launch its own 150-satellite constellation with the fund of $25 million (178 crores, as per current exchange rate 1 USD = 71 INR) raised recently.
Swarm has been working on a mission to make communication and internet affordable for all by launching various satellites. This company has recently successfully raised $25 million and has decided to launch a group of 150 satellites in the next 18 months.
As Swarm says, the company has been doing really well since past two years and has already launched seven operational satellites into Low Earth Orbit. Swarm is now deciding to launch more by the funds raised.
The motive of Swarm is to make Internet of Things(IoT) reach homes in all continents. The company aims at investing a major part of these funds in transforming the satellite industry to enable low-cost access to the internet for all.
Along with this, the company has decided to use this new capital in hiring the best of minds to work with them. Also, the company plans to put in some funds in upgrading its hardware and software to yield the best results.
“Swarm has developed something entirely new: a low-bandwidth, latency-tolerant network that is extremely inexpensive, low-power and very easy to integrate for things that need to be connected anywhere in the world,” said Sky Dayton, EarthLink founder and leading participant in the round alongside Craft Ventures, Social Capital, 4DX Ventures and NJF Capital.
The company has gained momentum in its work by partnering with a number of companies. These companies include the early-stage startups as well as the big names like Fortune 100.
The areas that Swarm has worked in include pilot tests in agriculture, maritime, ground transportation, and text messaging services.
The company is looking forward to deliver transformational connectivity to a host of applications. These include diagnostics and emergency messages from connected vehicles, connecting people through text messaging in rural and remote areas, smart meter reporting in remote locations and many more.
The company has been aiming really high and its success depends upon its launch schedule, manufacturing, and many legal approvals. But due to the past success records of the company one can expect a good rate of success for this one too.