C5 Capital leads funding round into Satelles, the leading provider of secure time and location solutions using Low-Earth-Orbit satellites
(9 October 2019 - C5 Capital) C5 Capital, the specialist venture capital firm focused on cyber security, cloud infrastructure, and applied data analytics, has led a $26 million Series C financing round in Satelles, which provides critical time and location solutions delivered over the Iridium constellation of low-Earth-orbit (LEO) satellites.
C5 joins Iridium Communications and financial investors to invest in US-based Satelles, a leader in the flourishing space economy sector, an industry which includes solutions from satellites to reusable rockets and is projected to be worth more than $1 trillion by 2040.
Satelles’ Satellite Time and Location (STL) signals are available anywhere on Earth, without the need for local infrastructure, providing a service for applications that require secure time and location in key markets such as government, telecoms, energy, critical infrastructure, financial services, data centres and logistics. Based on a signal that is 1,000 times stronger than traditional Global Positioning Systems (GPS) the Satelles service provides secure time and location for any application, anywhere, with superior in-building penetration.
Satelles’ proprietary system provides unique signal security that assures a location-specific signature that can authenticate the location of a mobile device or other equipment, while being highly resistant to attacks, making it resilient to spoofing and jamming.
Attacks such as jamming, hacking and spoofing – where a radio transmitter near the target is used to interfere with a legitimate GPS signal – are becoming more of a threat as GPS plays an increasingly key role in business applications and critical infrastructure such as power grids, communications networks and transport systems. Recent issues with GPS spoofing have been noted in the news and GPS downtime is increasingly seen as a national security and economic threat. A recent report, sponsored by the US National Institute of Standards and Technology, estimated that a 30-day interruption to GPS would result in a $45 billion loss to the US economy.
C5 Capital invested in Satelles as part of its mission to build a more secure data ecosystem, which includes investments in cyber security, cloud infrastructure, and data analytics. C5 sees protecting the space economy as the next logical step in that mission.
Commenting on the investment Andre Pienaar, Managing Partner C5 Capital, said “Space is a rapidly developing battleground for cyber threats to critical infrastructure and GPS is unable to meet all these challenges. Satelles has developed a powerful solution which not only prevents attacks but provides a stronger and more effective service through STL. We are pleased to have led this funding round and look forward to working closely with this remarkable business.”
Commenting on the investment Dr. Michael O’Connor, CEO of Satelles, said: “C5 shares with us a commitment to make the world a more secure and better place and we are delighted it has led this latest investment round. C5 brings with it a great insight into cyber security and a unique international network and is already helping us with commercial opportunities and global expansion.”
About C5 Capital
C5 Capital Limited (C5) is a specialist venture capital firm, focused on investing in and building companies in the secure data ecosystem, including cyber security, Cloud infrastructure, and applied data analytics. Headquartered in London, C5 also has offices in Washington D.C., Munich, and Luxembourg.
Satelles provides secure time and location signals from low Earth orbit (LEO) independent of the Global Positioning System (GPS) and other Global Navigation Satellite Systems (GNSS). Satelles created its Satellite Time and Location (STL) service for the purpose of safeguarding against devastating attacks to GPS/GNSS capable of disrupting or disabling electrical grids, wireless communications networks, financial systems, and other private and public infrastructure in ways that seriously imperil the safety and security of our society.
Available anywhere on the planet, the STL service delivers assured positioning, navigation, and timing (PNT) via an encrypted satellite broadcast signal that is stronger and more secure than other solutions. The company offers assured PNT at levels of stability, reliability, and trust required by commercial enterprises and government entities across a range of critical infrastructure, IoT, and cybersecurity applications. Satelles partners with satellite receiver manufacturers to incorporate STL signal support into today’s latest equipment, bringing the benefits of Satellite Time and Location to customers around the world.