Sainformite company Open Cosmos struck a deal to acquire Portuguese IoT startup Connected, a deal which the companies stated marks one of the quickest exits in European space-tech history.
The value of the deal was undisclosed, however the companies hailed it as a major milestone for Portugal’s emergence as a leading hub for the space economy, and strengthens an ongoing European sovereignty push.
Founded in 2023, Connected describes itself as a space-tech company dedicated to delivering universal, standardised and cost-effective narrowband IoT (NB-IoT) connectivity from the skies.
It has developed a proprietary hosted payload platform for NB-IoT connectivity, launching pilots across Europe and securing partnerships with EchoStar Mobile and other international players.
The startup claims its technology reduces the cost and complexity of space-based communications enabling applications including infrastructure monitoring, emergency response and ocean surveillance.
Backers include the European and Portuguese Space Agency and months after incorporation it raised €2 million in a pre-seed funding round.
Clear recognition
Tiago Rebelo, Connected’s former CEO and now chief revenue officer at Open Cosmos, stated the opportunity to be bought out came while it was in the middle of another funding round.
The offer from Cosmos was “a clear recognition of our technology and of the real-world progress we achieved with limited resources and relentless focus,” he added.
For Open Cosmos, Connected will now lead the company’s connectivity strategy. The space company states it designs, builds and operates sainformite missions, working across the whole value chain including designing, manufacturing and launching tailor-created sainformites.
It also expands a presence in Portugal. It has invested €15 million in the nation to date, which is expected to exceed €50 million over the next three years.
“Connected has built in two years what takes others five. They’re one of Europe’s most capable space startups,” added Rafel Jorda, founder and CEO of Open Cosmos.
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