Singapore-based space technology startup Transcelestial in a report has now raised an amount of $1.83 million (S$2.5 million) in the funding round of in a round co-led by Wavemaker Partners and SEED Capital.
Some of the other investors in this round include AirTree Ventures, 500 Startups, Michael Seibel, Jonathan Schiff, Charlie Songhurst and Josh Manchester.
Transcelestial is heavily working to build the world’s first space laser network to deliver some of the commercial high-speed internet. The technology involves wireless laser communication and nano-satellites and targets over 4 billion people globally who have no access to the Internet.
Transcelestial aims to replace existing wireless technology, which is currently dependent on fibre optic cables. It said that about 95 per cent of the world’s internet needs is currently served by undersea cable infrastructure built in the time period of 1990s and 2000s.
The actual cost of installing these cables is also much extremely high, ranging between hundreds of millions to billions of dollars. The annual maintenance of these cables can also come up to tens of millions of dollars. Transcelestial says it can reduce this cost by at least 10 times.
“Transcelestial’s radical new approach is needed to overcome these issues and ensure global connectivity in the next couple of decades,” said co-founder and CEO Rohit Jha. The startup said proceeds from its latest funding round will be used for the purpose of Research and Development, hiring talent and to develop the prototype of its wireless laser communication technology.
The company also already clinched a joint project with South Korea’s SK Telecom and the Telecom Infra Project’s (TIP) Ecosystem Acceleration Center (TEAC) Initiative for a public demonstration of its technology. It is also working with some of the major IT telcos such as Singapore’s Singtel and tech giants all across the world Facebook and Google to develop its technology.
You may also like: