Astranis raises $90M for satellite internet in Alaska
February 14, 2020
SpaceX is plowing ahead with plans to have 720 internet satellites in low-Earth orbit this year. Astranis, a startup that has announced $90 million in new equity and debt financing, has more modest aspirations.
Astranis thinks it can vastly improve broadband access for rural Alaskans using just one satellite. Eventually, the company hopes to launch up to 30 more satellites to spread its services elsewhere, according to Fortune.
Venture investing in space tech companies hit a record $2.3 billion across 116 deals last year, according to PitchBook data. But investors are often reluctant to challenge vertically integrated giants like SpaceX and Blue Origin in their core businesses.
"I will not invest in a company that is trying to compete in global ubiquitous internet activity," said Tess Hatch, a vice president at Bessemer Venture Partners, in an interview last month. "But I think there's a spectrum."
Venrock led the $40 million equity portion of Astranis' new round, with participation from Andreessen Horowitz and other existing backers. TriplePoint Capital will provide up to $50 million in debt funding.
Astranis thinks it can vastly improve broadband access for rural Alaskans using just one satellite. Eventually, the company hopes to launch up to 30 more satellites to spread its services elsewhere, according to Fortune.
Venture investing in space tech companies hit a record $2.3 billion across 116 deals last year, according to PitchBook data. But investors are often reluctant to challenge vertically integrated giants like SpaceX and Blue Origin in their core businesses.
"I will not invest in a company that is trying to compete in global ubiquitous internet activity," said Tess Hatch, a vice president at Bessemer Venture Partners, in an interview last month. "But I think there's a spectrum."
Venrock led the $40 million equity portion of Astranis' new round, with participation from Andreessen Horowitz and other existing backers. TriplePoint Capital will provide up to $50 million in debt funding.
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