We use cookies to give you a better experience on our website. Learn more about how we use cookies and how you can select your preferences.
Right Click Capital and Myriota – putting satellite connectivity in reach
[Music starts]
The opening title page shows a blue panel with the Australian Government, Department of Industry, Science and Resources crest and logo appear in stack format. The panel also shows the video title and subtitle: Myriota, Right Click Capital, Venture Capital Case Study Series.
A video appears of Nicole Russo seated inside an office. She is speaking to the camera. Her full name, occupation and company name appear at the lower left-hand side of the screen. It states:
Nicole Russo,
VP of Commercial Operations]
Nicole Russo: My name is Nicole Russo. I am the VP of Commercial Operations here at Myriota.
[The video cuts to Benjamin Chong, seated inside another office. He is speaking to the camera. His full name, occupation and company name appear at the lower left-hand side of the screen. It states:
Benjamin Chong,
Partner,
Right Click Capital]
Benjamin Chong: I’m Benjamin Chong. I’m a partner at Right Click Capital.
[The video shifts to Nicole Russo seated in an office, while she is speaking to the camera.]
Nicole Russo: Myriota exists to provide critical data anywhere its required. So the impact that the company can have to the world is access to data that changes the way people are able to use, and make use of, our critical resources.
[As Nicole speaks, a model satellite is shown, which is an orange rectangular prism with antennae, to show an example of where the new technology may be applied. A scene of the earth spinning on its axis appears with a satellite focusing on one specific point in North America].
[A scene of a farm appears with icons appearing labelled as “Tank Monitoring”, “Water Quality Monitoring” and “Trough Monitoring”.]
[The camera cuts to Benjamin Chong seated in an office as he speaks to the camera.]
Benjamin Chong: The tax concessions in the program has made venture capital more attractive, largely for investors who may not have had exposure or experience in venture capital before. So by giving them access to a tax offset and giving them access also to favourable capital gains treatment, its meant that we’ve been able to attract more money and that’s allowed us to make more investments in more companies that are hopefully going to create more employment and also great returns, not only for investors but for the economy at large.
[The camera changes to show Nicole Russo. She is speaking to the camera. The video shows a Myriota sub-system. It is a white plastic dome with a spire and black wires on one side, surrounded by plants. The video then cuts back to Nicole Russo speaking.]
Nicole Russo: Venture capital with a high tolerance for risk and for long term investment is really critical to enable us to make it past the chasm and into, you know, commercial viability. So, satellite technology is expensive, telecommunications is a really difficult space to work in and is occupied by really well-funded incumbents. So, to overcome those, and break into that industry, venture capital is critical to help us reach our goals.
[Video ends with a final blue panel showing the Australian Government, Department of Industry, Science and Resources crest and logo in stack format at the top left of the screen.
This URL also appears at the bottom left: business.gov.au/grants-and-programs/venture-capital.]
[Music ends]
Overview
- Right Click Capital is a Sydney-based venture capital firm that invests in standout Australian technology founders.
- Myriota is an Adelaide-based innovator using a satellite network to deliver low-cost, low-power IoT connectivity solutions globally.
- Right Click first invested in Myriota in March 2018 through the ESVCLP program.
About Right Click Capital
Right Click Capital backs technology-based startups from an early stage – usually with pre-seed or seed funding. It views investment as a long-term relationship and works closely with investees at each stage of commercialisation.
What’s the best order to do things in? How soon do we start talking to customers? What do we need to prove out before that? When can we start charging? When will it be good and dependable enough to get into the hands of users? We help with all that.
With the experience of 2 decades and over 40 investments to draw on, Right Click is clear about what it looks for in a startup.
With Myriota, ‘We were impressed by the calibre of the founders,’ says Mr Chong. The technology was also compelling.
The geographic situation in Australia, the vast distances, inspired them to come up with solutions for situations where you don’t have normal access to infrastructure and connectivity. What’s very exciting to us is the ability to provide people who would not have had access to it with the kind of coverage you could only have dreamt of before – at a very attractive price point.
Myriota’s sensor technology
Founded in 2015 as a spin-out from the University of South Australia, Myriota enables remote use of sensor technologies anywhere on earth at an affordable cost. Previously this was prohibitively expensive for most potential users.
The company’s founders, Dr David Haley and Dr Alex Grant, developed technology that enables satellites to pick up a very faint signal from a ground sensor. Combining this with smart transmission capabilities that conserve battery life has made it possible to provide satellite connectivity for IoT devices at a small fraction of the cost of other solutions.
Myriota’s satellite network enables data services through low-energy devices in areas without existing communications infrastructure. This is a game changer for sectors such as agriculture, logistics, utilities, water management, defence, and environmental management.
We’re redefining business models by making it cost-effective for businesses to track and access their data.
For example, if a livestock water tank in a remote cattle grazing area runs out of water, animals can die before anyone realises there’s a problem or can get there to fix it. A solution to this now exists in the form of a small device. This contains a sensor that transmits data via Myriota’s satellites to an app on the grazier’s mobile phone.
Similar solutions are being used at thousands of sites around the world – from Patagonia to a Kenyan safari park – to monitor things like:
- wind turbines
- groundwater levels
- oceanographic information
- asset location
- fire risks
- dams
- mine sites.
The company is scaling up quickly in both product and market development and has received significant investment from the UK and US governments. While most of its customers are overseas, 100% of its manufacturing is in Australia.
Myriota anticipates a future where low-cost, near-real-time sensor data is in reach. ‘Once we get to that point, there won’t be an industry that won’t see the benefits of using this technology,’ says Ms Russo.
Early Stage Venture Capital Limited Partnerships
The Australian Government’s ESVCLP program provides tax incentives that help venture capital firms to invest in innovative Australian companies at an early stage of commercialisation. As well as investing capital, firms like Right Click contribute valuable insights, strategic advice and connections to their networks in Australia and overseas.
‘Without venture capital we wouldn’t have been able to get off the ground,’ says Ms Russo. The funding is only part of the value, however.
We vet our potential investors very carefully for their ability to be a true strategic partner – not just a source of capital. What do you want from an investor? You want a partner who can help introduce you to the right people and markets. You want one who can challenge conventional thinking. You want insights from their experience of working with other companies.
More information
-
Visit the Myriota website.
Myriota -
Visit the Right Click Capital website.
Right Click Capital -
Find out more about Early Stage Venture Capital Limited Partnerships.
Early Stage Venture Capital Limited Partnerships (ESVCLP)