Myriota

Myriota Pty Ltd

Last Updated: 2 weeks ago

Investment Thesis

Myriota is an emerging leader in global satellite IoT connectivity, leveraging low-power, wide-area (LPWA) technology to provide secure remote monitoring solutions for a diverse range of industries including agriculture, defense, and logistics ^[2]^[5]. Founded in 2015 and headquartered in Adelaide, Australia, the company has rapidly scaled its operations, evidenced by a recent $31.2 million venture round in late 2024 and plans to expand its satellite constellation to over 40 satellites through partnerships like the one with Spire Global ^[3]. Myriota's strategic vision is further solidified by its groundbreaking Myriota HyperPulse™ service, the first commercial 5G-based Narrowband Non-Terrestrial Network (NTN) service optimized for IoT, developed in collaboration with Viasat ^[4]. The company is actively pursuing international market expansion, notably through its MoU with Telkomsat to deploy solutions across Indonesia and the ASEAN region, underscoring its ambition for global reach and market penetration ^[2].

Key Differentiators

• Pioneering 5G NTN for IoT: Myriota HyperPulse™ is the first commercial 5G Narrowband IoT service leveraging satellite networks, offering enhanced performance and optimization for LPWA applications, in partnership with Viasat ^[4].
• Scalable Satellite Constellation: Through expanded agreements with partners like Spire Global, Myriota is scaling its deployed satellite constellation to over 40 spacecraft, enabling global coverage and delivering improved data access, lower latency, and enhanced security for IoT devices ^[3]^[4].
• Strategic Market Expansion: Myriota is actively pursuing growth in high-potential regions, exemplified by its MoU with Telkomsat for deployment across Indonesia and the ASEAN market, targeting critical sectors like maritime, oil and gas, agriculture, and environmental monitoring ^[2].
• End-to-End IoT Connectivity Solutions: Myriota provides a comprehensive solution from satellite connectivity to data services, enabling secure, low-cost, and low-power remote monitoring across a wide array of industries such as utilities, transport, and defence ^[2]^[5].

Risk Factors

• Dependence on Partners: Myriota's growth and operational capabilities are significantly tied to key partnerships, such as its satellite capacity agreement with Spire Global and its NTN service development with Viasat ^[3]^[5]. Any disruption or change in these relationships could impact service delivery and expansion.
• Subscription Revenue Model: The company's revenue is primarily subscription-based for IoT connectivity. While this provides recurring revenue, it necessitates continuous customer acquisition and retention to fuel growth and requires consistent network uptime and performance to maintain subscriber satisfaction.
• Competitive Landscape: The satellite IoT market, while growing, is increasingly competitive with numerous players vying for market share. Myriota must continue to innovate and differentiate its offerings to maintain its position against established and emerging competitors.

Rocket Lab Relationship

Myriota's relationship with Rocket Lab, marked by one successful Electron ridehike mission in March 2021, validates Rocket Lab's capability in launching dedicated rideshare missions for commercial IoT providers. While a single launch does not significantly impact Rocket Lab's quarterly revenue, it represents the potential for recurring satellite deployment business from emerging IoT constellations. Mission types for Myriota typically involve deploying their IoT-specific satellites, which aligns with Rocket Lab's strategy to serve diverse commercial and scientific payloads. This customer validates Rocket Lab's market position as a provider of reliable launch services for small satellite constellations dedicated to burgeoning markets like global IoT connectivity, demonstrating their ability to access desired orbits like Sun-Synchronous Orbit for such commercial applications. The continued growth and expansion of Myriota's constellation could signal future launch opportunities.