Catalonia-based satellite operator Sateliot has secured €70 million in Series B funding to accelerate the deployment of its 100-satellite 5G IoT constellation. The funding includes €13.8 million from Spain’s Society for Technological Transformation, €10 million from the Hyperion Fund, and a €30 million debt facility from the European Investment Bank. The funding will support Sateliot's goal of providing 5G Internet of Things (IoT) connectivity services via nanosatellites, targeting sectors such as defense, logistics, energy, agriculture, and critical infrastructure. The company has already launched six satellites and plans to begin commercial services later this year. Sateliot aims to expand its constellation to 250 satellites by 2030 and projects €1 billion in annual revenue by that year. It has already secured €270 million in contracts with over 400 clients across 50 countries. The constellation will also act as a precursor to the European IRIS2 system, aimed at bolstering the region's technological sovereignty.