The Swiss start-up Else has raised over USD 4 million in a new financing round to support its planned launch of two nano-satellites in Q4 2017. These are part of plans for a fleet of 64 small satellites to provide M2M services under the name Astrocast. The network is expected to be operational in 2018 and provide remote monitoring, geolocation, predictive maintenance and intelligent data services.
Else has raised financial support from the European Space Agency, Swiss government and private investors and said it is working on a new, more affordable way of constructing satellites to support its plans.
Source: https://www.telecompaper.com/news/iot-satellite-start-up-else-raises-new-financing--1177063