Hiber BV Raises $30.5 Million to Expand Its IoT Satellite Network

By McKenzie Carpenter Tuesday, March 30, 2021

In an effort to stay connected and up to date with business operations, Hiber BV, a satellite and communications startup company, announced today the business raised €26 million ($30.5 million) in funding to expand its Internet of Things, or IoT, network.

A Hiber BV satellite.

About Hiber BV

Hiber BV is a startup company that specializes in communicating data through software as a service, or SaaS, nano satellites that are remotely accessible through its core Hiberband infrastructure. Founded in 2016, the Hiberband network of nano satellites are much cheaper for the business to operate than a normal satellite because they are much smaller, low power, the batteries last 5 to 10 years, and they orbit just 600 kilometers (about 373 miles) above Earth.

The startup company has two different network types, Hiberband Direct and Hiberband Via, and two end-to-end solutions, HiberHilo and HiberHeavy. Each network and solution allows organizations to collect and monitor data that is gathered either directly or through a cloud.

With three locations in Washington DC and Amsterdam and Delft in the Netherlands, the startup company has had some success and even partnered with several other companies, including, Sensoterra, Centaur, Boskalis, and Shell.

New Funding for Hiber BV

Today, Hiber BV announced the business received €26 million ($30.5 million) in funding from the European Innovation Council Fund (EIC Fund). The startup company is receiving a small portion of the European Union’s (EU) €278 million ($326.2 million) EIC Fund that places a particular interest on scaling innovative tech startup companies across all EU countries.

In a press release, chief strategy officer and co-founder Coen Janssen said, “The €26 million funding is a fantastic validation for Hiber’s success and a major boost for the European ‘New Space’ sector. It is a key step in realising our aim of making the Internet of Things really simple and available for everyone in remote and developing regions of the world.”

TechCrunch reported the business will be using the new funding to expand its IoT network. In addition, co-founder of the startup company Laurens Groenendijk is stepping aside as managing director. Steve Kroonsberg will be joining as CFO and Roel Jansen as CCO.

Regarding the new funding from the EIC Fund for the business, Nicklas Bergman, EIC Fund committee member, added in the press release, “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.”

The startup company is not the only IoT infrastructure provider. The IoT market is quite saturated, and Hiber BV is competing against other companies like Helios Wire, Kepler, Spire, One Web, and many, many more.

The global IoT market size was approximately $250.72 billion in 2019 and is projected to reach over $1.4 trillion by 2027 — a CAGR 24.9%.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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