Israeli satellite communications company SatixFy is raising $25 million in a financing round led by Catalyst CEL Fund, which will be completed by the end of next month.
By designing its own silicon chips, SatixFy's technology radically reduces the cost, size, weight and power consumption of user-terminals, and cost of air-time for satellite communications. SatixFy targets multiple markets such as the Internet of Things (IoT) and M2M (machine to machine) applications, which are at the forefront of satellite communications innovation today.
The Rehovot based company was founded in 2012 by CEO Yoel Gat, founder and former Chairman and CEO of Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT). SatixFy, which recently opened its new research center in the UK after receiving a significant grant from the UK Space Agency through the European Space Agency, has raised nearly $30 million to date including the latest financing round.
Gat said, "The company targets very big markets such as the people unconnected to the internet, IoT devices for private networks and rural areas as well as drone communications. The current round of funding will be used to fuel our aggressive future product and new silicon design developments and market reach. We are very impressed with the Catalyst CEL Fund’s reach, as was demonstrated, for example, in the very successful investor event at the GoforIsrael Conference in Shanghai in September. We are looking forward to working with the Fund’s team.”
SatixFy is the third investment made by the Catalyst CEL Fund. Its previous investments include Lamina Technologies, a manufacturer of state-of-the-art, precision carbide metal cutting tools, and XJet, which pioneers inkjet-based 3D printing systems for metal parts.
Catalyst CEL Fund aims to support the long term growth of innovative Israeli companies and promote the development of China's high-tech industry. The investment highlights the focus of investors on one of Israel's strongest markets, satellite communication.
Catalyst CEL Fund managing partner Yair Shamir said: “Under Yoel Gat's leadership, SatixFy became a global leader in its field. The management's experience in the market of satellite technology is exceptional. Their previous experience in China joined with the expertise of our partners at China Everbright Limited secure a meaningful entry to the Chinese market for the company.”
Catalyst CEL Fund managing partner and China Everbright merger and acquisition department head Shengyan Fan said, “SatixFy’s unique technological advantages position the Company well for future business growth and expansion in satellite broadband communications."
Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2016
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