Hubble Network raises $200M to connect Bluetooth from space
What's the deal? Hubble Network, a Seattle-based satellite startup, raised $200 million in a Series C round, lifting its valuation to $1.6 billion. The company is building a network of spacecraft to enable global Bluetooth connectivity.
What's the endgame? Hubble is deploying a system of 60 satellites in low-Earth orbit to connect directly with Bluetooth-enabled devices worldwide. The service pairs satellites with a ground-based network to track objects embedded with a Bluetooth chip, including packages, vehicles, and pharmaceuticals.
Who's behind it? The company is led by Alex Haro, co-founder of Life360. "You can have a full solution that allows you to keep track of that package," Haro said.
The signal: The raise ranks in the 98th percentile of all US telecom Series C rounds on record, a sample of 425 deals. That places Hubble among the largest bets in the sector as investors back the idea of connecting everyday devices without cellular or Wi-Fi coverage.
Read more: news.bloombergtax.com
Image credit: Hubble Network
