Astrocast and Thuraya enter strategic investment agreement and extend technical cooperation

Astrocast, the leading nanosatellite IoT network operator, announced that Thuraya, the mobile satellite services subsidiary of Yahsat, agreed to the head of terms for an investment of USD 17.5 million. Astrocast is a Venture Leaders alum as well as a former TOP 100 Swiss Startup and Scale-Up.

Founded in 2014, Astrocast operates a leading global nanosatellite IoT network, offering services in industries including transportation and logistics, gas and oil, agriculture and livestock, and maritime. The Astrocast network enables companies to monitor, track, and communicate with remote assets from anywhere in the world. It relies on a superior L-band spectrum through a strategic alliance with Thuraya. In partnership with Airbus, CEA/LETI, and ESA, Astrocast developed Astronode S, an ultra-low-power and miniaturized module compatible with inexpensive L-band patch antennas.

The company now announced that the head of terms for an investment agreement with Thuraya, the mobile satellite services subsidiary of the UAE's flagship satellite-solutions provider Yahsat (Al Yah Satellite Communications Company), have been agreed to. The agreement with Astrocast aims to strengthen Thuraya's positioning in the IoT market and help expedite the execution of its strategy for satellite-enabled IoT.

The transaction will be in the form of a convertible loan of USD 17.5 million and marks Thuraya's first investment in a low-earth orbit (LEO) satellite constellation. The agreement includes a four-year extension of a technical cooperation agreement originally entered between Astrocast and Thuraya in 2019.

"We are delighted to have secured this agreement with Thuraya, as we anticipate their support and expertise in guaranteeing Astrocast's success in the low-power narrowband IoT market in the future," said Fabien Jordan, founder and CEO of Astrocast. "Our partnership with Thuraya has been solid for the past four years, and their continuous support is incredibly important to us. In addition, collaborating on creating new products and applications and leveraging the Thuraya distribution network will expedite the expansion of our customer ecosystem."

The overall IoT market is projected to grow at a CAGR of 22% over the next four years to USD 525 billion and the satellite IoT business is forecasted to generate cumulative revenue of USD 6 billion over the same period.

At the end of 2022, Astrocast announced that it secured a multi-million contract with ArrowSpot for the production of the ArrowTrack SAT device. Earlier this year, Astrocast disclosed a strategic partnership with livestock tracking innovator Digitalanimal as well as its participation in EU-funded XGain project.

Astrocast was chosen to participate in Venture Leaders China in 2017 as well as Venture Leaders Mobile in 2020. The company was also named a TOP 100 Swiss Startup in 2018 and 2019 and a TOP 100 Scale-Up in 2020 and 2021.

Fabien Jordan, CEO and founder of Astrocast, talking about his company's IPO at the TOP 100 Swiss Startup Award 2021