Hubble Network has secured $200 million in a Series C funding round led by Smith Point Capital. Other participants included Seraphim, Carthona Capital, Earthshot Ventures, Y Combinator, and RPM Ventures. This latest investment brings the company's total funding to $300 million, valuing the startup at $1.6 billion. One year prior, the company closed a $70 million Series B round.
The company is developing a constellation of 60 low-Earth orbit satellites designed to connect with Bluetooth LE devices. The network is scheduled to go online by 2030 and will operate alongside 100 million ground-based gateways across 170 countries. The technology allows devices to transmit location and sensor data, such as temperature and pressure, directly to satellites.
Hubble Network claims its design adds less than 50 cents to the cost of materials per device. This is significantly lower than traditional cellular or satellite modems, which can cost $25 or more per unit. The company has established partnerships with Texas Instruments Inc., InPlay Inc., and Reelables Inc. to integrate its tracking technology into various cargo and item-level applications.
