CAMBRIDGE, ON – Canadian satellite services company exactEarth Ltd. has announced plans to invest AUD $2 million to secure a minority ownership position in Australian technology company Myriota Pty Ltd.
Since its establishment in 2009, exactEarth has pioneered a powerful new method of maritime surveillance called Satellite-AIS (S-AIS) to deliver clients a view of maritime behaviours across all regions of the world's oceans unrestricted by terrestrial limitations.
The company said that its investment in Myriota will offer it an exclusive license to utilise that company’s advanced signal processing Intellectual Property for the fast growing Satellite Internet of Things (SIoT) global market. In return, Myriota will gain access to exactEarth’s global satellite infrastructure.
"exactEarth has already demonstrated that microsatellite constellations can be used to develop a successful high growth advanced global data services business," said exactEarth president Peter Mabson, in the news release. "Our investment in Myriota is well aligned with our strategy to enter the Satellite Internet of Things Market. Between exactEarth's global satellite technology infrastructure and Myriota's advanced IoT technology, we will be well positioned to take this new capability to the next level."
"We expect Myriota's Satellite Internet of Things solution to enable a wide range of new applications," added Myriota CEO Dr. Alex Grant. "We are working on advanced applications in the areas of agriculture, environmental sensing, oil and gas, mining and defence – and we expect that this is just the beginning."
exactEarth added that it has the option to make further investments in Myriota in the future to increase its shareholding.
