CAMBRIDGE, ON, March 26, 2018 /CNW/ - exactEarth Ltd. ("exactEarth" or the "Company") (TSX: XCT), a leading provider of Satellite AIS data services, announced today that its investee company, Myriota Pty Ltd ("Myriota") of Adelaide, Australia, has raised USD$15.6 million in a Series A preference share financing.
The Series A round was led by Australian VC firms Main Sequence Ventures and Blue Sky Venture Capital and included Boeing Horizon X Ventures, Right Click Capital and Singtel Innov8. It is globally the largest round to date for a tech startup using 'Space 2.0 for IoT'. It is the first investment outside the United States for Boeing Horizon X Ventures.
"This is a great transaction for Myriota and we congratulate them on securing significant growth capital from investors that are well-known and respected in our industry," said Peter Mabson, CEO of exactEarth. "Myriota are at the forefront of the next generation satellite Internet of Things market, creating a disruptively low-cost solution for tracking and monitoring a broad range of goods and assets. This 'up-round' of financing brings in growth capital from a strong investment group and will allow Myriota to advance the development of this exciting business. From exactEarth's perspective, in addition to our prior investment in Myriota, we continue to explore new ways to work together to help them bring these innovative solutions to market."
In November 2015, exactEarth invested AUD$2.0 million of start-up funding in Myriota, and in 2016 provided AUD$400,000 of in-kind contributions. exactEarth did not participate in this Series A preference share round; post-funding the Company will retain an 18% ownership position through its interest in ordinary shares, a seat on the six-person board of directors, and an exclusive license to Myriota's advanced signal processing technology in the maritime vessel field. exactEarth accounts for its investment in Myriota using the equity method on its balance sheet. As a result, even though the Series A funding round indicates that the value of our ordinary shares has increased, it will not impact the carrying value of the Company's investment in Myriota.
About exactEarth Ltd.
exactEarth is a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions. Since its establishment in 2009, exactEarth has pioneered a powerful new method of maritime surveillance called Satellite AIS ("S-AIS") and has delivered to its clients a view of maritime behaviours across all regions of the world's oceans unrestricted by terrestrial limitations. exactEarth has deployed an operational data processing supply chain involving a constellation of satellites, receiving ground stations, patented decoding algorithms and advanced "big data" processing and distribution facilities. This ground-breaking system provides a comprehensive picture of the location of AIS equipped maritime vessels throughout the world and allows exactEarth to deliver data and information services characterized by high performance, reliability, security and simplicity to large international markets. For more information, visit www.exactearth.com
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements may include financial and other projections, as well as statements regarding exactEarth's future plans, objectives or economic performance, or the assumptions underlying any of the foregoing, including statements regarding, among other things, the intentions of the parties, the use of any intellectual property, further investments that may be made by exactEarth and new markets that may be exploited by either party. exactEarth uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by exactEarth in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors exactEarth believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to exactEarth's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause exactEarth's actual results, historical financial statements, or future events to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: uncertainty in the global economic environment; the ability of Myriota to raise sufficient funds to fund continued growth; the ability of Myriota to execute on its growth plan; fluctuations in currency exchange rates; delays in the purchasing decisions of exactEarth's customers; the competition exactEarth faces in its industry and/or marketplace; and the possibility of technical, logistical or planning issues in connection with the deployment of exactEarth's products or services.
SOURCE exactEarth Ltd.