European satellite and communications startup Hiber BV has protected EUR26 million in EU and private financial investment to broaden its IoT satellite network. The funding comes from the European Innovation Council Fund (EIC Fund), the EU’s development agency, which has a EUR278 million Innovation Fund. The EIC co-invested with a development credit offered by the Dutch government and existing investors. Other investors include Finch Capital, Netherlands Business Firm and Hartenlust Group. Hiber’s satellite constellation tracks and displays machines and gadgets in harder-to-reach places.

At the very same time, co-founder of Hiber Laurens Groenendijk is to step aside as managing director to turn his attention to “other financial investment initiatives,” the company stated in a statement. Steven Kroonsberg signs up with as CFO. Roel Jansen joins as CCO. Groenendijk has been co-founder and ceo at Treatwell as well as a serial financier.

Coen Janssen, chief strategy officer and co-founder of Hiber, commented: “The EUR26 million funding is fantastic validation for Hiber’s success and a significant increase for the European ‘New Area’ sector. It is a key step in recognizing our goal of making the Internet of Things truly simple and offered for everybody in remote and developing regions of the world.”

In specific, due to the fact that it can reach out-of-the-way locations, Hiber’s network might have the ability to decrease losses in food production and leaks from oil wells.

Nicklas Bergman, European Development Council Fund Committee Member, commented: “I am happy to announce the EIC Fund support to this highly ingenious company focusing on creating a European champ in the satellite Internet of Things sector. This equity funding will assist Hiber to allow ubiquitous and budget friendly connection for the IoT services.”

Elia Montanari, head of management and Control at the European Area Firm, commented: “This major success has been supported at European level by partnership of major EU bodies (EIC, EIB, ESA) promoting the Space Value Chain”.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.