C5 Capital has led a $26 million Series C financing round in U.S.-based Satelles Inc., which provides critical time and location solutions delivered over the Iridium constellation of LEO satellites that includes solutions from satellites to reusable rockets and is projected to be worth more than $1 trillion by 2040.
Satelles’ Satellite Time and Location (STL) signals are available anywhere on Earth, without the need for local infrastructure, providing a service for applications that require secure time and location in key markets such as government, telecoms, energy, critical infrastructure, financial services, data centres and logistics.
Based on a signal that is 1,000 times stronger than traditional Global Positioning Systems (GPS) the Satelles service provides secure time and location for any application, anywhere, with superior in-building penetration.
Satelles’ proprietary system provides unique signal security that assures a location-specific signature that can authenticate the location of a mobile device or other equipment, while being highly resistant to attacks, making it resilient to spoofing and jamming.
Attacks such as jamming, hacking and spoofing — where a radio transmitter near the target is used to interfere with a legitimate GPS signal — are becoming more of a threat as GPS plays an increasingly key role in business applications and critical infrastructure such as power grids, communications networks and transport systems. Recent issues with GPS spoofing have been noted in the news and GPS downtime is increasingly seen as a national security and economic threat. A recent report, sponsored by the U.S. National Institute of Standards and Technology, estimated that a 30-day interruption to GPS would result in a $45 billion loss to the US economy.
C5 Capital invested in Satelles as part of its mission to build a more secure data ecosystem, which includes investments in cyber security, cloud infrastructure, and data analytics. C5 sees protecting the space economy as the next logical step in that mission.