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LONDON, UNITED KINGDOM – November 15, 2021
AVEALTO Ltd. Announces the kick-off of US $15,000,000 “Series A” funding round.
AVEALTO Ltd., a UK-based company, was formed to design, build and operate a fleet of High Altitude Platform (“HAP”) vehicles which can transparently replace point-to-point satellite services at a lower cost, with higher quality service. Recent improvements in the efficiency of batteries and solar cells now have made it possible to create a commercially viable HAP vehicle optimized to provide Wireless Infrastructure.
Prior funding of AVEALTO was obtained from a small international group of sophisticated Aerospace and Telecom entrepreneurs. Funding from this final equity round will be used to begin the production of High Altitude Platform (HAP) vehicles in the United Kingdom, for deployment to customers in multiple countries. A portion of the funds raised in this round will be used to build a large hangar building to support the R&D and fabrication activities. No existing building in the United Kingdom was large enough to allow testing for flight ready vehicles indoors.
The initial HAP vehicle will be around 100 meters long (330 feet) and 19 meters (62 feet) in height.
A majority of vehicles produced by AVEALTO will be funded via asset-based debt financing, including UK import-export bank funding, aircraft leasing agreements, high interest bond issues and customer prepayments. Based on the high demand from potential customers for AVEALTO HAP services, the company believes that this may be the last equity sold and that all remaining funding with be through some form of debt financing.
AVEALTO has identified an existing $26 billion market, now served by satellites, in which they can offer a lower cost and higher quality service. HAP vehicles cost much less than satellites and can be placed in the regions where there is existing demand. Each HAP vehicle covers a area of 240 kilometers (150 miles) in diameter.
A number of companies have publicly claimed that they are building HAP vehicles to provide telecom services, none of these organizations appears to be ready to build and deploy a viable commercial vehicle. AVEALTO could be the first mover in this huge new market.
Over 3 billion people in the world do not have routine access to the internet. In addition, hundreds of millions of people in remote areas must rely on high cost satellite links. AVEALTO HAP vehicles can provide “satellite equivalent”. The lower cost of AVEALTO HAP services can offer a cost-effective alternative to both expensive traditional GEOSATS, and even upcoming LEOSAT constellations.
“Our management team and investors are dedicated to using HAP technology to eliminating the global Digital Divide” – Walt Anderson – co-founder AVEALTO Ltd
The AVEALTO management team has decades of experience in developing and managing new telecom technologies. In addition, AVEALTO is working with a number of world class aerospace and telecom partners in the United Kingdom and the rest of the world to make HAP technology a reality. AVEALTO is a member of the HAPS ALLIANCE, GVF Global Satellite Industry Association, and ASIA PACIFIC SATELLITE COMMUNICATION COUNCIL
Release ID: 89052975