SAN FRANCISCO, March 26 (Xinhua) -- U.S. aerospace giant Boeing Company (Boeing) said on Monday that its investment unit HorizonX Ventures has invested in Myriota, a nanosatellite technology startup based in Adelaide, Australia.
HorizonX Ventures participated in a 15 million-U.S.-dollar Series A funding round led by Australian firms, Blue Sky Venture Capital and Main Sequence Ventures, which manages the Commonwealth Scientific and Industrial Research Organization Innovation Fund.
HorizonX's investment in Myriota is its first in a company outside of the United States and its 10th since it was launched in April 2017.
Myriota, an Internet of Things (IoT) startup, seeks to revolutionize satellite communications by providing low-cost access to high-value data in remote locations.
The Australian firm is developing technology that makes two-way communications possible between ground-based micro-transmitters and low Earth orbit (LEO) nanosatellites to securely share data over narrow bandwidths.
This direct-to-orbit platform enables applications across the logistics, defense and other industries where IoT connectivity via traditional means can be challenging and expensive, said HorizonX, a venture arm of the American aerospace behemoth.
"Part of the mission of Boeing HorizonX is to pursue and accelerate innovations coming out of startups around the world. By investing in Myriota, we are proud to support Australia's startup ecosystem and growing space industry," said Steve Nordlund, vice president of Boeing HorizonX.
The scale of the HorizonX investment, with strong domestic venture capital leadership and strategic participation by global investors, is significant for Myriota, which works hard to deliver IoT connectivity for everyone, everywhere, Myriota CEO Alex Grant said.
Myriota joins Boeing's expanding presence in Adelaide announced by Boeing last year, in addition to an investment of 383,000 dollars that Boeing has pledged over five years in the Adelaide-based Techstars global accelerator program to support local startups.
As the world's largest aerospace company, Boeing is a leading manufacturer of commercial jetliners and defense, space and security systems, with both civilian and military customers in 150 countries.