Portuguese startup Connected has secured a groundbreaking €2 million funding round, marking the largest Pre-Seed investment ever raised by a Portuguese-based spacetech startup. The company aims to pioneer universal, standardized, and affordable Narrowband Internet of Things (NB-IoT) connectivity from space, addressing the growing demand for satellite-based communication in off-grid areas without terrestrial cellular coverage.
Driven by the exponential growth of IoT devices worldwide, particularly in areas lacking mobile cellular coverage, the demand for space-based connectivity is on the rise. Projections suggest that by 2026, the number of IoT devices requiring satellite-based connectivity will surpass 21 million globally, highlighting the pressing need for innovative solutions to bridge connectivity gaps.
Connected is developing a proprietary, autonomous, and scalable payload system designed for integration with third-party satellites in low Earth orbits (LEO). This technology aims to provide seamless NB-IoT connectivity, leveraging narrow channels for efficient data transmission and extending coverage to remote and underserved regions.
Tiago Rebelo, Co-Founder and CEO of Connected, expressed his enthusiasm for the successful funding round, stating, “The successful completion of this major funding round is a significant achievement for a company that was only incorporated one year ago.” Rebelo emphasized the company's commitment to delivering affordable NB-IoT connectivity from space and its dedication to leveraging proprietary technology for global impact.
Nuno Trindade, Partner at Fundbox, highlighted the potential of the space sector and expressed confidence in Connected's leadership, stating, “Having had the opportunity to invest in an ambitious project, Made In Portugal, we did not hesitate to trust Tiago and his team, confident that they will lead this project to success on a global scale.”
The funding round was co-led by FundBox, Shilling VC, and Iberis Capital, with significant contributions from Amena Ventures, angel investor Keith Willey, and Octopus Ventures. With this investment, Connected plans to expand its team and accelerate the development of its proprietary technology. The company aims to conduct its first space tests by the end of 2024, paving the way for revolutionary advancements in global connectivity.