Singapore and Herndon, Va., 8 December 2021 ST Engineering today announced that its Corporate Venture Capital unit, ST Engineering Ventures Pte Ltd led a US$30m Series A round in Israel-based hiSky Ltd., a leading developer and provider in affordable and agile satellite Internet of Things (IoT) networks and solutions, with participation from SDF (Strategic Development Fund), the investment arm of Tawazun Holding, and hiSky's existing shareholders.The investment in hiSky enables ST Engineering's satellite communications business, ST Engineering iDirect, to leverage the former's cost-effective and easy-to-install IoT network. This comprises the Smartellite satellite terminals and cloud-based network management system (NMS), which are complementary and integrated into existing ST Engineering iDirect's hub stations and can be quickly deployed in current ST Engineering iDirect satellite networks.
hiSky has created its own low-cost and easy to install Smartellite satellite terminals that can transmit and receive IoT/Machine-to-Machine data. This eliminates the need to build an IoT infrastructure from scratch, which significantly reduces the cost of market entry. Its state-of-the-art, electronically steerable phased array antenna operates well in mobile and remote environments, making it highly attractive to customers in industries such as maritime, logistics and utilities, among others. Further, its cloud-based NMS provides end users with an overview of the status of their terminals in the field to enhance ease of operability of the overall IoT network. Importantly, these terminals are designed to meet the requirements of LEO satellites, which are advanced new satellites that will be launched in the next decade, to buffer customers with a future-proofed solution that will evolve with their connectivity demands.
Analysts forecast that satellite IoT market growth will total US$1.1 billion in revenue by 2027. Therefore, enabling our customers' growth with an effective IoT solution is key to our strategy, said Low Ka Hoe, President, Satellite Communications at ST Engineering. This investment allows us to jointly offer hiSky's innovative and robust IoT satellite terminals with ST Engineering iDirect's extensive hub and network management solutions, providing our customers a validated, future-oriented IoT solution that leverages their existing infrastructure. The flexible service enablement options will help reduce our customers upfront costs and minimize operational complexities associated with building and launching their own IoT solutions, thereby speeding their time to market.
hiSky is both proud and delighted to welcome ST Engineering Ventures and SDF as investors, continued Shahar Kravitz, hiSky's co-founder and CEO. ST Engineering iDirect has been a strategic partner of hiSky for two years and we see their investment in hiSky as a natural step towards continued, rapid growth in our satellite IoT solutions across all verticals and industries. We have no doubt that hiSky's satellite IoT technology, combined with ST Engineering iDirect's capabilities will bring great value to customers, in reducing their costs and shortening their time to market. We thank our new investment partners for this vote of confidence in our technology, vision and business plans.
With offices in Singapore, San Francisco, U.S.A., and Tel Aviv, Israel, ST Engineering's Corporate Venture Capital scouts for and invests in promising technology start-ups in high growth areas such as robotics, autonomous technology, data analytics, cybersecurity, IoT, Cloud, Connectivity and other emerging technologies. It aims to build successful, collaborative relationships with start-ups, combining technologies and expertise to co-create breakthrough solutions while enabling their access to the Group's global business ecosystems, expertise and resources.
*****
ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.2b in FY2020 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.
ST Engineering iDirect, a subsidiary of ST Engineering North America, is a global leader in satellite communications (satcom) providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their satcom networks. Through the merger with Newtec, a recognized industry pioneer, the combined business unites over 35 years of innovation focused on solving satellite's most critical economic and technology challenges and expands a shared commitment to shaping the future of how the world connects. The product portfolio, branded under the names iDirect and Newtec, represents the highest standards in performance, efficiency and reliability, making it possible for its customers to deliver the best satcom connectivity experience anywhere in the world. ST Engineering iDirect is the world's largest TDMA enterprise VSAT manufacturer and is the leader in key industries including broadcast, mobility and military/government. In 2007, iDirect Government was formed to better serve the U.S. government and defense communities. For more information on our platforms please visit www.idirect.net.
hiSky is the leader of satellite agile IoT networks, enabling businesses, people, and machines the freedom to connect f
