Addvalue Tech sets up $13.1 mil war chest for satellite services

SINGAPORE (May 2): Addvalue Technologies, the provider of digital, wireless and broadband communications technology products, has raised a $13.1 million war chest to accelerate its growth plans and commercialisation of the group’s proprietary offering of Inter-Satellite Data Relay System (IDRS) services.

The funds were raised under three weeks through a combination of equity and debt, which Addvalue says were from “an established venture investment firm, renowned and astute accredited investors, underlining the intrinsic potential identified in Addvalue”.

The IDRS service solves a constraint faced currently by Low Earth Orbit (LEO) satellite operations.

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