Amsterdam-based IoT spacetech startup Hiber has been granted a moratorium, which typically precedes bankruptcy, amid financial difficulties for the company..
The development comes more than a year after Astrocast, a Swiss-based nanosatellite IoT network operator, acquired Hiber in May 2022.
Astrocast acquired the Amsterdam company due to its customer portfolio in the oil and mining industry, its coverage in the United States, and its specialised workforce. To support Amsterdam’s growth plans, shareholders invested €10.45 million in Astrocast’s public offering.
However, the Amsterdam-based scale-up has been grappling with financial issues for several years, with a loss of €10M in 2020, exacerbated by the pandemic challenges.
Hiber: Help monitoring off-grid assets
Founded by Coen Janssen, Erik Wienk, Ernst Peter Hovinga, Laurens Groenendijk, and Maarten Engelen in 2016, Hiber offers end-to-end IoT solutions for remotely monitoring off-grid assets located anywhere in the world.
The company’s solutions include HiberHilo for oil and gas well monitoring and HiberEasypulse for asset tracking and fleet monitoring in the transport, mining, construction, agriculture, and forestry industries.
The Dutch company partners with WTS Energy on the installation, service, and maintenance of HiberHilo to help the oil and gas industry increase safety and operational efficiency during the energy transition.
WTS Energy is a leading solution supplier in the oil, gas, and renewable energy industries and has 21 offices around the globe.
Astrocast: Develops tiny satellites
Based out of Renens, Vaud, Switzerland, Astrocast develops tiny satellites that deliver internet access devices.
The company offers services in various industries such as Agriculture & Livestock, Maritime, and Environment & Utilities to name a few.
The Astrocast network enables companies to monitor, track, and communicate with remote assets from anywhere in the world.
Read the orginal article: https://siliconcanals.com/news/startups/amsterdams-hiber-granted-moratorium/
