European satellite and communications startup Hiber BV has secured €26 million in EU and personal funding to develop its IoT satellite network. The funding comes from the European Innovation Council Fund (EIC Fund), the EU’s innovation agency, which has a €278 million Innovation Fund. The EIC co-invested with an innovation credit score offered by the Dutch authorities and current shareholders. Other traders embody Finch Capital, Netherlands Enterprise Agency and Hartenlust Group. Hiber’s satellite constellation tracks and screens machines and gadgets in harder-to-reach locations.
At the identical time, co-founder of Hiber Laurens Groenendijk is to step apart as managing director to show his consideration to “other investment initiatives,” the corporate mentioned in a press release. Steven Kroonsberg joins as CFO. Roel Jansen joins as CCO. Groenendijk has been co-founder and chief government officer at Treatwell in addition to a serial investor.
Coen Janssen, chief technique officer and co-founder of Hiber, commented: “The €26 million funding is fantastic validation for Hiber’s success and a major boost for the European ‘New Space’ sector. It is a key step in realizing our aim of making the Internet of Things really simple and available for everyone in remote and developing regions of the world.”
In explicit, as a result of it might probably attain out-of-the-way areas, Hiber’s network might be able to scale back losses in meals manufacturing and leakages from oil wells.
Nicklas Bergman, European Innovation Council Fund Committee Member, commented: “I am glad to announce the EIC Fund support to this highly innovative company aiming at creating a European champion in the satellite Internet of Things sector. This equity financing will help Hiber to enable affordable and ubiquitous connectivity for the IoT solutions.”
Elia Montanari, head of administration and Control on the European Space Agency, commented: “This major success has been supported at European level by collaboration of major EU bodies (EIC, EIB, ESA) fostering the Space Value Chain”.
