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NuSpace Raised Funding to Accelerate Its Product Launch
The company was founded by Ng Zhen Ning and Dr. Luo Sha, as a spin-off from the National University of Singapore (NUS), where both co-founders are researchers at the NUS Faculty of Engineering. Dr. Sha was also the principal investigator of Galassia, NUS's first nano-satellite.
FREMONT, CA: Singapore-based nano-satellite company, NuSpace, providing IoT connectivity and data platform services, announced undisclosed funding from Japanese venture capital firm BEENEXT. The funding will be used by the company to accelerate its plans for a product launch. The company intends to launch a technology demonstration satellite by the end of 2020 and complete the deployment of the constellation by the end of 2022.
The company was founded by Ng Zhen Ning and Dr. Luo Sha, as a spin-off from the National University of Singapore (NUS), where both co-founders are researchers at the NUS Faculty of Engineering. Dr. Sha was also the principal investigator of Galassia, NUS's first nanosatellite, successfully launched in 2015. Currently, NuSpace plans to launch a satellite that will have the ability to bring IoT connectivity to places that were previously seen as not economically feasible, such as in the middle of the ocean.
"With more than 85 percent of the world still lacking access to the internet, there exists gaps where global data cannot be obtained cost-effectively. With NuSpace’s technologies to help plug the gaps and provide wider coverage, more parts of the world can be digitized with IoT technology, opening up more commercial opportunities in this knowledge-driven economy,” said Ng Zhen Ning, Co-founder & CEO of NuSpace.
IoT connectivity has proved its worth in terms of tracking livestock, maritime shipment, and management of agritech devices, especially in the equatorial belt region, with its fast-growing, emerging economies. According to the startup, nanosatellites will be an essential tool for governments and businesses that need connectivity in remote areas at a low cost and a shorter lead time for design and building.
Previously, NuSpace has raised early-stage funding from Singapore-based venture co-creator Origgin. The startup was also incubated under the NUS Graduate Research Innovation and had received initial funding of USD 72,000 from the program. "We hope to expand their reach and applications through NuSpace’s creation of IoT coverage in remote areas,” said Teruhide Sato, Managing Partner of BEENEXT.