WISeKey Announces Expansion of Its Satellite Business Into a New Entity - WISeSat AG - based in Zug, Switzerland
WISeSat in cooperation with FOSSA Systems would be launching several new WISeSat-Ready FOSSA powered satellites with SpaceX A SpaceX Falcon 9 rocket will launch the Transporter-8 mission. The launch date is currently targeted for June 08, 2023.
View video of previous launch at: https://www.youtube.com/watch?v=qO4L6W7_W3s
Geneva and Zug Switzerland – June 6, 2023 – WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY), a leading cybersecurity, IoT and AI company, today is announcing the expansion of its satellite business into a new special purpose company, WISeSat AG. Headquartered in Zug, Switzerland, the new entity will focus on adding satellites to the constellation of already launched WISeSat-Ready satellites.
The strategic move is designed to enhance WISeKey’s current service offerings, and it will allow the new entity to target a broader client base who are seeking to securely connect their assets via satellite communication. WISeSat AG, with its new strategy, not only cover large and unserved geographic areas but will also provide both remote and redundant urban IoT communications.
WISeSat AG will collaborate with various partners and investors to offer innovative Internet of Things (IoT) satellite technology to its clients in a Software-as-a-Service (SaaS) model. The streamlined SaaS model will enhance the connectivity needs of clients who need reliable and secure communication in remote areas. WISeKey has already a minority investment in FOSSA Systems, a Spain-based leading aerospace company focused on developing picosatellites for Low Earth Orbit (LEO) services.
This strategic investment has allowed WISeKey to integrate FOSSA Systems into the WISeKey IoT platform connecting all IoT sectors through the development of a WISeSaT PocketQube Satellite. WISeSat in cooperation with FOSSA Systems would be launching several new WISeSat-Ready FOSSA powered satellites with SpaceX. These new satellites will be part of the 80-satellite constellation aiming to provide global and real-time IoT connectivity for industrial applications with a 10-hour data latency. The launch will be carried out by SpaceX on a Falcon 9 Vehicle, starting June 2023.
WISeKey is offering this technology to its IoT clients in a SaaS model allowing both remote and redundant urban IoT communications for companies seeking to securely connect their assets via satellite communication covering large and unserved geographic areas such as maritime, deserts, mountains, etc., at affordable prices. WISeKey Trust and Security solutions offer unique integration into an end-to-end platform that communicates in real-time with WISeSat. Satellite by ensuring the authenticity, confidentiality, and integrity of the devices, objects, data and transactions.
WISeKey’s INeS platform uses state-of-the-art cryptographic algorithms to meet the highest standards for issuing, managing, and validating digital credentials for IoT devices, including those connected with WISeSaT.Satellite. This platform is scalable and can support environments for hundreds of millions of devices and sensors, and is able to remotely collect data from the field and transmit to the backend.
Additionally, INeS features Entity Management (any custom attributes such as identities, group, type, role, and life cycle), Message Security Policy Management, and Business Rules Management. Interfacing via the cloud and connecting devices and applications, INeS is capable of remotely identifying credentials and controlling activation, deactivation, revocation, renewal, and secure provisioning.
Carlos Moreira, CEO of WISeKey, commented, "The creation of WISeSat AG allows us to further our mission in providing secure, scalable, and reliable IoT communications for our clients. By working with trusted partners and investors, we plan on expanding our satellite constellation by offering enhanced connectivity for IoT devices across the globe. This move will fortify our position as a pioneer in the IoT and cybersecurity market."
WISeKey has a proven track record of success in the IoT sector, and the introduction of WISeSat AG is expected to further establish the company as a global leader in providing cutting-edge IoT solutions.
The low Earth orbit (LEO) satellite industry has seen substantial mergers and acquisitions (M&A) activity in recent years. This is largely due to the industry's immense potential, driven by the increasing demand for high-speed internet connectivity worldwide, especially in remote areas where traditional connectivity solutions are insufficient. LEO satellites, because of their closer proximity to Earth compared to geostationary satellites, can provide faster data transmission speeds and lower latency, which makes them attractive for a range of applications, from broadband services to Earth observation.
LEO satellite offers….
- Vertical Integrations: Some companies have chosen to vertically integrate to control both satellite manufacturing and the provision of satellite services. SpaceX, for example, produces its own satellites for the Starlink broadband network, enabling them to control all aspects of the service. Vertical integrations in the LEO satellite industry allows businesses to control their value chain and potentially realize cost efficiencies.
- Acquisition of Technology Providers: In order to expand capabilities and reduce costs, some firms have acquired technology providers. This may include satellite manufacturers, providers of ground station services, or companies with specific technological capabilities such as advanced propulsion systems. Such acquisitions can help firms develop unique competencies and establish market differentiation.
- Consolidation: The LEO satellite industry has also seen a degree of consolidation, as companies merge to better compete in a challenging market. For example, in February 2021, the British government and Bharti Global acquired the bankrupt satellite company OneWeb, planning to deploy hundreds of LEO satellites for broadband connectivity.
- Acquisition by Non-Satellite Firms: Companies outside the satellite industry, particularly from the telecommunications and technology sectors, have shown interest in LEO satellite companies. This is driven by the desire to expand their services portfolio, reach new markets, or gain a competitive edge. For instance, Amazon's Project Kuiper aims to deploy over 3,000 LEO satellites for global broadband services.
- Private Equity and Venture Capital Investments: Private equity and venture capital firms have shown increased interest in the LEO satellite industry, often investing in start-ups with innovative technology or business models. Such investments can provide the capital required for these firms to scale up their operations.
About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large-scale digital identity ecosystems for people and objects using Blockchain, AI, and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens, etc.). WISeKey is uniquely positioned to be at the leading edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss-based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain, and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com
WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
lcati@equityny.com
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
