Hiber Secures €26M Funding for IoT Satellite Network

Hiber Secures €26 Million to Expand IoT Satellite Network

Hiber BV, a European startup specializing in satellite communications, has successfully obtained €26 million in funding. This investment is a combination of EU support and private capital, earmarked for the expansion of its IoT satellite network.

Funding Details and Investors

The financial injection originates from the European Innovation Council Fund (EIC Fund), a component of the EU’s innovation agency with a €278 million Innovation Fund.

The EIC Fund collaborated with an innovation credit from the Dutch government and contributions from current shareholders. Additional investors participating in this round include Finch Capital, the Netherlands Enterprise Agency, and Hartenlust Group.

Hiber’s satellite constellation is designed to track and monitor equipment and devices in locations that are difficult to access via traditional networks.

Leadership Changes

Concurrently with the funding announcement, Laurens Groenendijk, a co-founder of Hiber, will be transitioning from his role as managing director. He intends to focus on “other investment initiatives,” as stated by the company.

Steven Kroonsberg is joining the team as the new Chief Financial Officer (CFO). Furthermore, Roel Jansen has been appointed as the Chief Commercial Officer (CCO).

Groenendijk previously held the position of co-founder and CEO at Treatwell and has a proven track record as a serial investor.

Strategic Implications and Benefits

Coen Janssen, Hiber’s chief strategy officer and co-founder, emphasized the significance of this funding. He stated that the €26 million represents “fantastic validation for Hiber’s success and a major boost for the European ‘New Space’ sector.”

This investment is considered a crucial step towards achieving Hiber’s goal of simplifying the Internet of Things and making it accessible to individuals in remote and developing regions globally.

Potential Applications

Hiber’s network, due to its ability to reach remote areas, offers the potential to significantly reduce losses in food production. It can also help minimize leakages from oil wells.

Industry Recognition

Nicklas Bergman, a member of the European Innovation Council Fund Committee, expressed his satisfaction with the EIC Fund’s support for Hiber. He highlighted the company’s ambition to become a European leader in the satellite Internet of Things sector.

Bergman noted that this equity financing will facilitate affordable and widespread connectivity for IoT solutions.

Elia Montanari, head of management and Control at the European Space Agency, commented on the collaborative effort. He stated that the success was supported by major EU bodies (EIC, EIB, ESA) and strengthens the Space Value Chain.