National Reconstruction Fund helps rocket Myriota capital raise to $50 million

Adelaide nanosatellite startup Myriota has announced a $50 million raise, with $25 million coming from the National Reconstruction Fund Corporation (NRFC). The company is gearing up for a large expansion with the funds, aiming for 100 new jobs and international expansion.

This follows a $1.5 million Moon to Mars grant from the Australian Space Agency for the company earlier this year.

Founded in 2015 by Dr Alex Grant and Dr David Haley, Myriota also developed South Australia’s first state-owned satellite, Kanyini.

This marks the third major investment by the NRFC over the last few weeks. Quantum Brilliance secured $13 million from the NRFC — and $10 million from Breakthrough Victoria — as part of a $30 million Series A.

In late November, the NRFC also invested $40 million into Queensland mining services company Russell Mineral Equipment.

The flurry of year-end announcements hints at a strategic push to finalise key investments ahead of the early 2025 budget and election cycle.

Myriota’s nanosatellite technology facilitates Internet of Things (IoT) connectivity across industries like agriculture, mining, and defence. The company says this provides cost-effective communication solutions for remote and regional areas.

Myriota’s tech has been utilised to monitor water tanks and detect gas leaks in agriculture and industrial settings, as well as support government operations in meteorology, border security, and infrastructure management.

The fresh funding will bolster Myriota’s manufacturing capabilities at its South Australian facility, supporting the development and export of advanced IoT hardware.

The investment is also expected to drive the company’s partner ecosystem and enable large-scale deployment of IoT sensors, meeting the growing global demand for data connectivity.

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