Spanish satellite firm Sateliot is looking to raise new equity funding to fuel the build-out of its fleet.

The company has announced the launch of a new Series C financing round seeking €100 million ($116.9m) to orbit 16 additional low-Earth orbit (LEO) satellites, adding to its dual-use IoT satellite constellation.

The round will primarily be structured as equity with the possibility of incorporating a debt component, and anticipates up to 50 percent public co-financing hoped to match private investments. It is currently seeking to attract a lead investor, with the present round open to new and existing backers.

“This Series C reflects the company’s scale and timing. It is the largest round we have opened to date,” Jaume Sanpera, CEO of Sateliot, said at the announcement event. “With it, we will accelerate the deployment of our constellation and commercial execution on a global scale.”

The news was made public during a visit to Sateliot headquarters in Barcelona by Óscar López, the Spanish minister for digital transformation and public administration, who sought to showcase the power of institutional backing for critical infrastructure in reinforcing Spanish and European digital sovereignty.

The constellation will demonstrate the Catalonian company’s “New Radio” technology, which incorporates voice, video, and data, conventionally thought to be a late-market application in IoT, being particularly strenuous for satellites to deliver at a commercial standard.

The company currently serves more than 400 clients across 60 countries, and has secured agreements with major telecom operators like Telefónica and Deutsche Telekom. Sateliot claims a pre-contract base worth $315m, “supported by a block of leading industrial, institutional, and financial investors such as Indra, Cellnex, the Spanish Society for Technological Transformation (SETT), Sepides (SEPI), Hyperion, Global Portfolio Investments, and Banco Santander.”

Across previous funding rounds, the company has already secured more than $100m, including a Series B Round closed in early 2025, which received $16.14m from the Spanish Government.

To date, Sateliot has orbited six satellites, supported in part by backing from the European Investment Bank (EIB), which combined handle more than one million store-and-forward messages daily. The company intends to launch five more machines in 2026, and is currently developing its 2nd-generation widebeam satellite design, called Trió, which it intends to launch in 2027.

Sateliot promises applications for both civil protection and defense, serving state political objectives. The Spanish Government currently holds an 18.7 percent stake in the company.

“[Since SETT invested in it], Sateliot has doubled its workforce, closed €270 million ($318.4m) in precontracts with companies in several countries worldwide, signed agreements with operators such as Telefónica, Deutsche Telekom, and VIVO in Brazil, and received the ‘Future Unicorn’ award from the Digital Europe association,” Minister López said at the announcement event. “Sateliot is an example of Spanish and European digital sovereignty. The Government of Spain is proud to finance a Catalan project that integrates the entire cycle of design, assembly, and control of satellites made in Spain.”