Los Angeles-based Satellite start-up, Cloud Constellation has pocketed a USD100 million batch of funding. The company wants to build a secure data Cloud based on a network of satellites in low Earth orbit (LEO). The USD100 million funding comes from HCH Group Company, an investment firm based in Hong Kong. Cloud Constellation’s SpaceBelt Data Security as a Service has been hindered getting off the ground, but USD100 million is a big approval of the technology and business models.
In a statement, Cloud Constellation Chief Commercial Officer, Dennis Gatens stated that his company is abolishing the risk of data breaches connected with terrestrial infrastructure. The funds are a part of a larger venture capital round where Cloud Constellation is working to close. However, the company has declined to detail what its valuation is. Cloud Constellation CEO and president, Cliff Beek said that the company plans to launch its satellite network and have it operational by the year 2021. Beek also noted that Cloud Constellation plans to secure data for Earthbound enterprises in space, away from where it can be intercepted by hackers. The data, in some cases, itself would be stored onboard the satellites; in others, encryption keys would be stored there while the data itself resides Earthside.
In the past, Cloud Constellation raised USD5 million in a 2016 fundraising round from London-based Eagle Capital. Earlier this year, in a statement Beek pointed out that the company was aiming to elevate USD200 million to pay for 12 satellites, scaled down from the earlier announced 16. Now the company is also paring down its ambitions further, to 8 satellites.