Swiss IoT company just raised 40M Swiss Francs from the Oslo stock market thanks to its successful IPO. The shares ended at +166% by the end of the first day of trading. Palantir, the US data analytics company founded by Peter Thiel, participated in the operation as well. Astrocast previously raised around 20M Swiss Francs in several rounds. The company now plans to send 100 satellites in orbit before 2024.
Astrocast in one of the many companies planning to launch a constellation of satellites to provide global IoT connectivity. Its main characteristics are the use of L-band, in house designed satellites and support from companies such as Airbus, Thuraya or Palantir.
This announcement is a clear success and marks the confidence of the market in the chances of Astrocast in developping its constellation and meeting its market. Very few companies in this field (Kineis, Swarm among them) have crossed the financial barrier.